<PAGE>   1

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                            ------------------------

                                 AMENDMENT NO.1

                                  TO FORM 20-F
                            ------------------------

    REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
 [ ]                          EXCHANGE ACT OF 1934

                                       OR

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 [X]                   THE SECURITIES EXCHANGE ACT OF 1934
                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000

                                       OR

              TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 [ ]                   THE SECURITIES EXCHANGE ACT OF 1934

                     for the transition period from       to

                        Commission File Number 333-11910

                             -----------------------

                     MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
             (Exact name of Registrant as specified in its charter)

                         MAXCOM TELECOMMUNICATIONS, INC.
                 (Translation of Registrant's name into English)

                              UNITED MEXICAN STATES
                 (Jurisdiction of incorporation or organization)

                             -----------------------

                                MAGDALENA NO. 211
                                COLONIA DEL VALLE
                               03100 MEXICO, D.F.
                    (Address of principal executive offices)

                             -----------------------

                   SECURITIES REGISTERED OR TO BE REGISTERED
                     PURSUANT TO SECTION 12(b) OF THE ACT.

<TABLE>
<CAPTION>
                    TITLE OF EACH CLASS                             NAME OF EACH EXCHANGE ON WHICH REGISTERED
                    -------------------                             -----------------------------------------
<S>                                                                              <C>
               13 3/4% Series B Senior Notes
                         Due 2007                                                     None
</TABLE>

                   SECURITIES REGISTERED OR TO BE REGISTERED
                      PURSUANT TO SECTION 12(g) OF THE ACT:
                                      None

        SECURITIES FOR WHICH THERE IS A REPORTING OBLIGATION PURSUANT TO
                           SECTION 15(d) OF THE ACT:
                                      None

INDICATE THE NUMBER OF OUTSTANDING SHARES OF EACH OF THE ISSUER'S CLASSES OF
CAPITAL OR COMMON STOCK AS OF THE CLOSE OF THE PERIOD COVERED BY THE ANNUAL
REPORT:
                Series A shares, no par value          1,276,428
                Series B shares, no par value          1,226,373
                Series C shares, no par value          5,622,822
                Series N shares, no par value          5,622,822

INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS.
                                    YES X    NO
                                        -        -
INDICATE BY CHECK MARK WHICH FINANCIAL STATEMENT ITEM THE REGISTRANT HAS ELECTED
TO FOLLOW:
                                ITEM 17      ITEM 18 X
                                        -            -
================================================================================

<PAGE>   2

        This Amendment No. 1 to Form 20-F is being filed to present in Annex A
hereto new financial statements (the "New Financials") of Maxcom
Telecomunicaciones S.A. de C.V. ("Maxcom"), as of December 31, 1999 and 2000,
and for the years ended December 31, 1998, 1999 and 2000.

        The New Financials reflect the following changes from the financial
statements (the "Old Financials") included in Maxcom's Annual Report on Form
20-F for the year 2000, filed with the Securities and Exchange Commission on
June 29, 2001:

                -       The New Financials have been audited in accordance with
                        United States generally accepted auditing standards,
                        while the Old Financials were audited in accordance with
                        Mexican generally accepted auditing standards.

                -       The New Financials include a new Note 18 j) that
                        presents condensed consolidating financial information
                        in tabular form in support of a request for an exemption
                        from the periodic reporting requirements of Sections 13
                        and 15(d) of the Securities and Exchange Act (the
                        "Exchange Act") pursuant to Section 12(h)-5 of the
                        Exchange Act for two of Maxcom's subsidiaries, filed on
                        August 17, 2001.

                -       Note 18 to the New Financials presents a reconciliation
                        from Mexican GAAP to U.S. GAAP of net loss and
                        stockholders' equity that is adjusted from the
                        reconciliation presented in Note 17 k) to the Old
                        Financials. As a result of this adjustment, net loss
                        under U.S. GAAP increases by 23.1% and 0.8% in 1998 and
                        2000, respectively, and decreases by 1.1% in 1999.
                        Stockholders' equity under U.S. GAAP decreases by 4.4%,
                        6.8% and 11.6% in 1998, 1999 and 2000, respectively.

                -       The Notes to the New Financials have also been revised
                        as compared to the Notes to the Old Financials to
                        clarify or provide additional disclosure and to make
                        conforming changes resulting from the adjustments
                        mentioned above.

        This Amendment No. 1 to Form 20-F is also being filed to present in
Annex B hereto a revised Exhibit 7 "Computation of Ratio of Earnings to Fixed
Charges" that reflects corrections to the computation presented in the Annual
Report on Form 20-F for the year 2000, filed with the Securities and Exchange
Commission on June 29, 2001.

        This Amendment No. 1 to Form 20-F is also being filed to present in
Annex C hereto a revised "ITEM 3. KEY INFORMATION. A. Selected Financial
Information, " that reflects the changes to the Notes to the New Financials and
Exhibit 7, and corrects certain typographical errors.

<PAGE>   3

                                   SIGNATURES

        Pursuant to the requirements of Section 12 of the Securities and
Exchange Act of 1934, the registrant certifies that it meets all requirements
for filing this Amendment No. 1 to Form 20-F and has duly caused this annual
report to be signed on its behalf by the undersigned, thereunto duly authorized.

                                         MAXCOM TELECOMUNICACIONES, S.A. DE C.V.

                                         By: /s/ ELOISA MARTINEZ
                                             -----------------------------------
                                             Eloisa Martinez
                                             Chief Financial Officer

DATE: September 28, 2001
<PAGE>   4


                                                                         ANNEX A

REPORT OF INDEPENDENT AUDITORS

TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
MAXCOM TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARY


We have audited the accompanying Consolidated Balance Sheets of Maxcom
Telecomunicaciones, S.A. de C.V. and Subsidiary, as of December 31, 1999 and
2000, and the related Consolidated Statements of Operations for the period from
May 1, 1999 (commencement of operations) through December 31, 1999 and for the
year ended December 31 2000, Consolidated Changes in Shareholders' Equity and
Changes in Financial Position for the years ended December 31, 1998, 1999 and
2000. These Financial Statements are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these Consolidated
Financial Statements based on our audits.

We conducted our audits in accordance with Generally Accepted Auditing Standards
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance as to whether the Consolidated
Financial Statements are free of material misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the Financial Statements. An audit also includes assessing the accounting
principles used and significant estimates made by Management, as well as
evaluating the overall Financial Statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the Consolidated Financial Statements referred to above present
fairly, in all material respects, the Consolidated Financial Position of Maxcom
Telecomunicaciones, S.A. de C.V. and Subsidiary, as of December 31, 1999 and
2000, the Consolidated Result of its Operations for the period from May 1, 1999
(commencement of operations) through December 31, 1999 and for the year ended
December 31 2000, the Consolidated Changes in Shareholders' Equity and the
Changes in its Financial Position for the years ended December 31, 1998, 1999
and 2000, in conformity with Mexican Generally Accepted Accounting Principles
("Mexican GAAP").

Mexican GAAP vary in certain respects from accounting principles generally
accepted in the United States ("U.S. GAAP"). The application of U.S. GAAP after
the restatements referred to in Note 18, would have affected the determination
of consolidated net loss expressed at the purchasing power of pesos as of
December 31, 2000 for the years ended December 31, 1998, 1999 and 2000 and the
determination of the consolidated shareholders' equity and consolidated
financial position, also expressed at the purchasing power of pesos as of
December 31, 2000, as of and for the years ended December 31, 1998, 1999 and
2000, to the extent summarized in Note 18 to the consolidated financial
statements.

These consolidated financial statements have been translated into English solely
for the convenience of the readers of this language.


BDO INTERNATIONAL






MEXICO CITY,
FEBRUARY 12, 2001



<PAGE>   5


             MAXCOM TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS

 (THOUSANDS OF MEXICAN PESOS "PS." WITH PURCHASING POWER AS OF DECEMBER 31, 2000
                       AND THOUSANDS OF U.S. DOLLARS "$")


<TABLE>
<CAPTION>
DECEMBER 31,                                                         1999            2000           2000
-------------------------------------------------------------------------------------------------------------
                                                                                                  (Note 2)
<S>                                                             <C>             <C>             <C>
                            ASSETS
CURRENT ASSETS:
   Cash and cash equivalents (Note 4)                           Ps.    167,430  Ps.  1,072,261  $    111,462
-------------------------------------------------------------------------------------------------------------
   Restricted cash (Note 10)                                            20,362         384,399        39,958
-------------------------------------------------------------------------------------------------------------
   Accounts receivable:
       Customers, net of allowance of Ps.3,373 and Ps.8,305             31,220          38,656         4,018
       Value added tax refundable (Note 6)                              44,333          16,924         1,759
       Other                                                               346             502            52
-------------------------------------------------------------------------------------------------------------
                                                                        75,899          56,082         5,829
-------------------------------------------------------------------------------------------------------------
   Equipment for resale                                                  7,322           9,011           937
-------------------------------------------------------------------------------------------------------------
   Prepaid expenses                                                      4,574           9,651         1,003
-------------------------------------------------------------------------------------------------------------
              Total current assets                                     275,587       1,531,404       159,189
RESTRICTED CASH (Note 10)                                                  -           184,479        19,177
FREQUENCY RIGHTS, Net (Note 7)                                         112,002         106,208        11,040
TELEPHONE NETWORK SYSTEMS AND EQUIPMENT, Net (Note 9)                  859,532       1,197,136       124,442
PREOPERATING EXPENSES, Net                                             270,369         241,424        25,096
OTHER ASSETS                                                            47,154         222,545        23,134
-------------------------------------------------------------------------------------------------------------
              Total assets                                      PS.  1,564,644  PS.  3,483,196  $    362,078
=============================================================================================================

                          LIABILITIES
CURRENT LIABILITIES:
   Current maturities of long-term debt (Note 10)               Ps.      4,081  Ps.      2,917  $        303
   CT Global Telecommunications, Inc. (Note 8)                          26,121             479            50
   Accrued expenses and other accounts payable                          43,025         225,567        23,448
   Deposits refundable to customers                                      7,964           5,525           574
   Taxes payable                                                         5,533           8,107           843
-------------------------------------------------------------------------------------------------------------
              Total current liabilities                                 86,724         242,595        25,218
LONG-TERM LIABILITIES:
   Long-term debt, less current maturities (Note 10)                   872,338       2,798,866       290,942
-------------------------------------------------------------------------------------------------------------
              Total liabilities                                        959,062       3,041,461       316,160
=============================================================================================================
Commitments (Notes 1, 10, 13 and 16)

                SHAREHOLDERS' EQUITY (NOTE 12)
Capital Stock                                                          810,318       1,152,553       119,808
Additional paid-in capital                                              31,902         122,830        12,768
Deficit                                                               (236,638)       (833,648)      (86,658)
-------------------------------------------------------------------------------------------------------------
              Total shareholders' equity                               605,582         441,735        45,918
-------------------------------------------------------------------------------------------------------------
                                                                PS.  1,564,644  PS.  3,483,196  $    362,078
=============================================================================================================
</TABLE>

        THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED
                             FINANCIAL STATEMENTS.


                                      F-2
<PAGE>   6


             MAXCOM TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF OPERATIONS

 (THOUSANDS OF MEXICAN PESOS "PS." WITH PURCHASING POWER AS OF DECEMBER 31, 2000
                       AND THOUSANDS OF U.S. DOLLARS "$")



<TABLE>
<CAPTION>
FOR THE PERIOD AND YEAR ENDED DECEMBER 31,                           1999            2000           2000
-------------------------------------------------------------------------------------------------------------
                                                                                                  (Note 2)

<S>                                                                <C>             <C>           <C>
TELECOMMUNICATION REVENUES                                         PS.   96,099    PS.  266,064  $    27,657
-------------------------------------------------------------------------------------------------------------

OPERATING COSTS AND EXPENSES:
   Network operating cost                                                47,751         107,765       11,202
   Selling general and administrative expenses                          176,037         331,166       34,425
   Depreciation and amortization                                         80,919         201,040       20,898
-------------------------------------------------------------------------------------------------------------

              Total operating costs and expenses                        304,707         639,971       66,525
-------------------------------------------------------------------------------------------------------------

              OPERATING LOSS                                          (208,608)       (373,907)     (38,868)
-------------------------------------------------------------------------------------------------------------

COMPREHENSIVE (INCOME) COST OF FINANCING:
   Interest expense                                                      50,450         399,979       41,578
   Interest income                                                     (10,946)        (97,951)     (10,182)
   Exchange loss, net                                                    10,401          10,705        1,113
   Gain on net monetary position                                       (21,756)        (90,101)      (9,366)
-------------------------------------------------------------------------------------------------------------

                                                                         28,149         222,632       23,143
-------------------------------------------------------------------------------------------------------------

OTHER INCOME (EXPENSE), Net                                                 119           (471)         (49)
-------------------------------------------------------------------------------------------------------------

              NET LOSS                                             PS.  236,638    PS.  597,010  $    62,060
=============================================================================================================
</TABLE>

        THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED
                             FINANCIAL STATEMENTS.


                                      F-3
<PAGE>   7


             MAXCOM TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARY

           CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

              FOR THE YEARS ENDED DECEMBER 31, 1998, 1999 AND 2000

 (THOUSANDS OF MEXICAN PESOS "PS." WITH PURCHASING POWER AS OF DECEMBER 31, 2000
                       AND THOUSANDS OF U.S. DOLLARS "$")


<TABLE>
<CAPTION>
                                                                            ADDITIONAL
                                                         CAPITAL STOCK    PAID-IN CAPITAL       DEFICIT             TOTAL
--------------------------------------------------------------------------------------------------------------------------------

<S>                                                    <C>                <C>             <C>                 <C>
BALANCE AS OF DECEMBER 31, 1997 (NOTE 12)              PS.     252,717    PS.     -        PS.       -        PS.     252,717

    Increase in capital stock, net of expenses
        (Ps.24,800) incurred in connection with a
        private placement (Note 12)                            547,421            -                  -                547,421

    Stock options (Note 13)                                        -           29,478                -                 29,478
--------------------------------------------------------------------------------------------------------------------------------

BALANCE AS OF DECEMBER 31, 1998 (NOTE 12)                      800,138         29,478                -                829,616

    Increase in capital stock                                   10,180            -                  -                 10,180

    Contributions for future increases of capital                  -              361                -                    361

    Stock options (Note 13)                                        -            2,063                -                  2,063

    Net loss                                                       -              -              236,638              236,638
--------------------------------------------------------------------------------------------------------------------------------

BALANCE AS OF DECEMBER 31, 1999 (NOTE 12)                      810,318         31,902          (236,638)              605,582

    Increase in capital stock                                  335,304            -                  -                335,304

    Contributions for future increases of capital                  -               96                -                     96

    Stock options and warrants (Note 13)                           -           97,763                -                 97,763

    Exercise of warrants (Note 13)                               6,931        (6,931)                -                    -

    Net loss                                                       -              -              597,010              597,010
--------------------------------------------------------------------------------------------------------------------------------

BALANCE AS OF DECEMBER 31, 2000 (NOTE 12)               PS.  1,152,553    PS. 122,830     PS.  (833,648)      PS.     441,735
================================================================================================================================

U.S. DOLLARS (NOTE 2)                                   $      119,808    $    12,768     $     (86,658)      $        45,918
</TABLE>

        THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED
                             FINANCIAL STATEMENTS.


                                      F-4
<PAGE>   8


             MAXCOM TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARY

            CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION

 (THOUSANDS OF MEXICAN PESOS "PS." WITH PURCHASING POWER AS OF DECEMBER 31, 2000
                       AND THOUSANDS OF U.S. DOLLARS "$")

<TABLE>
<CAPTION>
FOR THE YEARS ENDED DECEMBER 31,                               1998              1999               2000             2000
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   (Note 2)
<S>                                                      <C>                   <C>                <C>               <C>
OPERATING ACTIVITIES:
    Net loss                                             Ps.        -          Ps.   236,638      Ps.   597,010     $    62,060
    Depreciation and amortization charged to operations
        not requiring use of resources                              -                 80,919            201,040          20,898
--------------------------------------------------------------------------------------------------------------------------------
                                                                    -                155,719            395,970          41,162

    Net change in restricted cash, accounts receivable,
        inventories, prepaid expenses and accounts
        payable and accrued expenses                                -                 16,033          (378,430)        (39,338)
--------------------------------------------------------------------------------------------------------------------------------
                Resources used in operating activities              -                139,686            774,400          80,500
--------------------------------------------------------------------------------------------------------------------------------

FINANCING ACTIVITIES:
    Issuance of capital stock                                   547,521               10,180            342,235          35,575
    Additional paid-in capital                                   29,478                2,424             90,928           9,452
    Proceeds from loans and notes payable, net                  228,895              647,518          1,925,364         200,142
--------------------------------------------------------------------------------------------------------------------------------
                Resources provided by financing
                    activities                                  805,894              660,122          2,358,527         245,169
--------------------------------------------------------------------------------------------------------------------------------

INVESTING ACTIVITIES:
    Preoperating expenses                                     (113,037)             (84,690)               -               -
    Net changes in monetary assets and liabilities             (26,778)                 -                  -               -
--------------------------------------------------------------------------------------------------------------------------------
                                                              (139,815)             (84,690)               -               -
    Telephone network systems and equipment                   (270,106)            (670,517)          (476,642)        (49,547)
    Other assets                                               (27,491)             (19,663)          (202,654)        (21,066)
--------------------------------------------------------------------------------------------------------------------------------
                Resources used in investing activities        (437,412)            (774,870)          (679,296)        (70,613)
--------------------------------------------------------------------------------------------------------------------------------

CASH AND CASH EQUIVALENTS:
    Increase (decrease) during the period                       368,482            (254,434)            904,831          94,056
    Beginning balance                                            53,382              421,864            167,430          17,406
--------------------------------------------------------------------------------------------------------------------------------

    Ending balance                                       Ps.    421,864         Ps.  167,430      Ps. 1,072,261     $   111,462
================================================================================================================================

SUPPLEMENTAL DISCLOSURES:
    Cash paid for interest                               Ps.     17,502         Ps.   42,972      Ps.   250,983     $    26,090
================================================================================================================================
</TABLE>

        THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED
                             FINANCIAL STATEMENTS.


                                      F-5
<PAGE>   9


MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


             MAXCOM TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARY

                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

              FOR THE YEARS ENDED, DECEMBER 31, 1998, 1999 AND 2000

 (THOUSANDS OF MEXICAN PESOS "PS." WITH PURCHASING POWER AS OF DECEMBER 31, 2000
                       AND THOUSANDS OF U.S. DOLLARS "$")


NOTE 1. INCORPORATION AND BUSINESS

                  Maxcom Telecomunicaciones, S.A. de C.V. ("Maxcom" or "the
Company"), is a Mexican company incorporated on February 28, 1996 (inception).
Its main line of business is the construction and operation of a telephone
network, with the purpose of providing local, national and international
long-distance, data and other value-added services, including private network
services, within Mexico.

                  The Company started its commercial operations in May 1999.
Therefore, from its incorporation through April 30, 1999, the Company was in the
preoperating and development stage. From the beginning of its commercial
operations, the Company has had negative cash flow from operations and loss from
operations, due to its recent establishment and that it is building up its base
of customers. Therefore, the Company, and the recoverability of its investment
in telephone network systems and equipment, preoperating expenses and frequency
rights will depend on the ability of the Company to obtain financing to complete
development, and on the future profitable commercial exploitation of the
telephone network.

                  Effective February 3, 1997 (supplemented December 7, 1999),
Mexico's Ministry of Communications and Transportation (the "SCT") awarded the
Company a concession to install and operate a public telecommunication network
in Mexico. This concession is non-exclusive; its initial term is for 30 years,
and it contains certain renewal rights. The concession grants the Company the
right to provide local telephone services in the Federal District of Mexico and
in 124 other cities located in the states of Chiapas, Hidalgo, Mexico, Oaxaca,
Puebla, San Luis Potosi, Tabasco, Tamaulipas, Tlaxcala, Veracruz, Campeche,
Quintana Roo and Yucatan. It also grants the Company the right to provide
long-distance, data and other value-added services nationwide. There are
conditions for the concession to remain effective, such as building certain
networks and providing certain services by predetermined dates.

                  In October 1997, the Company was awarded a nationwide
point-to-point and three regional point-to-multipoint microwave concessions,
each for 20 years. See Note 7.

                  On November 24, 1998, the Company entered into an agreement
with Telefonos de Mexico, S.A. de C.V. ("Telmex"), through which both parties
agreed to provide each other with interconnection services to each other's local
telecommunications network. This agreement calls for reciprocal interconnection
rates for local-to-local services through January 1, 2001. On March 23, 1999,
this agreement was renewed and the term was extended to September 15, 2002.

                  On January 22, 1999, the Company entered into an agreement
with Telmex through which Maxcom agreed to provide Telmex with interconnection
services for Telmex's long-distance traffic. This agreement is valid through
September 15, 2002, with the possibility of extension after such date.

                  During 1999 and 2000, the Company has entered into
interconnection and reselling agreements with several local and long distance
carriers and mobile phone companies.

NOTE 2. BASIS OF PRESENTATION

                  a) CONSOLIDATION:



                                      F-6
<PAGE>   10
MAXCOM TELECOMUNICATIONS, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


                  For of the years ended December 31, 1998, 1999 and 2000, the
accompanying consolidated financial statements include the accounts of Maxcom
and Corporativo en Telecomunicaciones, S.A. de C.V. ("Corporativo" or the
"Subsidiary"), a wholly-owned Mexican subsidiary incorporated on January 19,
1998, whose main line of business is the rendering of administrative and
technical services, mainly to Maxcom. All intercompany balances and transactions
have been eliminated in the consolidation.

                  b) CONVENIENCE TRANSLATION:

                  U.S. Dollar amounts ("$") shown in the consolidated financial
statements have been included solely for the convenience of the reader and were
translated from Mexican Pesos, as a matter of arithmetic computation only, at
the December 29, 2000, noon-buying rate of Ps. 9.62 per U.S.$1.00, published by
The Federal Reserve Bank of New York. Such translation should not be construed
as a representation that the Mexican Peso amounts have been or could be
converted into U.S. Dollars at this or any other rate.

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                  The accompanying consolidated financial statements are
expressed in Mexican Pesos, denoted by the symbol "Ps", and have been prepared
by applying Mexican GAAP. The significant accounting policies used by the
Company in the preparation of its financial statements, including the concepts,
methods and criteria related to the recognition of the effects of inflation on
the financial information, are summarized below:

         a)       RECOGNITION OF THE EFFECTS OF INFLATION:

                           i)       Following the methodology set out in Mexican
                           GAAP, the Company restates its financial statements
                           to reflect the purchasing power of the Mexican Peso
                           as of the most recent reporting date (December 31,
                           2000), thereby comprehensively recognizing the
                           effects of inflation. The financial statements of
                           previous years have also been restated in terms of
                           the purchasing power of the Mexican Peso as of the
                           most recent reporting date, thus making them
                           comparable. Therefore, these amounts differ from
                           those previously reported.

                           ii)      Shareholders' equity accounts include their
                           restatement to express them in terms of constant
                           Pesos. The restatement amounts are determined by
                           applying factors derived from the National Consumer
                           Price Index ("INPC") to the historical balances.

                           iii)     The result on net monetary position
                           represents the inflationary gain or loss, as
                           determined by applying factors derived from the INPC,
                           on the Company's monthly net monetary assets or
                           liabilities during the period.

                           iv)      Comprehensive income and cost of financing
                           consists of interest income and expense, exchange
                           gains or losses and the gain or loss on the net
                           monetary position. Comprehensive income and cost of
                           financing during the development stage period, was
                           capitalized to preoperating expenses. Once the
                           Company commenced operations, these costs are applied
                           to the results of operations.

         b)       CASH AND CASH EQUIVALENTS:

                  Cash equivalents include highly liquid short-term investments
and bank deposits with original due dates of three months or less, which are
valued at market cost plus accrued interest.

         c)       TELEPHONE NETWORK SYSTEMS AND EQUIPMENT:

                  Telephone network systems and equipment are recorded at
acquisition cost and restated by applying factors derived from the INPC.
Depreciation is calculated by the straight-line method on restated cost based on
the estimated useful lives of the assets. Depreciation is charged to results of
operations. During the



                                      F-7
<PAGE>   11
MAXCOM TELECOMUNICATIONS, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


development stage, depreciation was applied to preoperating expenses.

         d)       FREQUENCY RIGHTS:

                  Frequency rights are recorded at acquisition cost and restated
by applying factors derived from the INPC. Amortization is calculated by the
straight-line method over the term of the concession (see Note 7), from the
start of the Company's operations.

         e)       PREOPERATING EXPENSES:

                  All expenses incurred during the development stage or in
specific projects in progress are capitalized. The amortization of such expenses
is determined by the straight-line method over ten years, once the corresponding
asset commences operations.

         f)       TRANSACTIONS AND BALANCES IN FOREIGN CURRENCIES:

                  Transactions in foreign currencies are recorded at the rates
of exchange prevailing on the dates they are entered into or settled. Assets and
liabilities denominated in those currencies are stated in Mexican Pesos at the
year-end closing rate published in Mexico's Official Gazette. Exchange gains or
losses are applied to comprehensive income from cost of financing.

         g)       INCOME TAX AND STATUTORY EMPLOYEES' PROFIT SHARING:

                  The Company has had no net income since inception and
accordingly has not provided for income taxes and statutory employees' profit
sharing.

                  Starting in year 2000, the Company recognizes the deferred tax
for the tax consequences of all temporary differences, both recurring and
non-recurring, between the financial statements' carrying amounts and the tax
basis of existing assets, liabilities and tax losses. An analysis of the
corresponding effects is shown in Note 15.

         h)       MANAGEMENT ESTIMATES:

                  Generally accepted accounting principles require that, in
preparing a company's financial statements, management make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclose contingent assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.

         i)       FINANCIAL INSTRUMENTS:

                  The Company's financial instruments consist principally of
cash, cash equivalents and restricted cash, accounts receivable and payable, and
loans and notes payable. The carrying amounts of such financial instruments, as
reflected in the balance sheet, approximate their fair value as of December 31,
1999 and 2000.

         j)       REVENUE RECOGNITION:

                  The Company recognizes revenues from telephone services
provided to customers, from the sale of customer-premise equipment and from
services provided to other telephone-service companies (such as interconnection
services).

                  Revenues from services provided to customers are recognized on
accrual basis.

                  Revenues from the sale of customer-premise equipment are
recognized at the time of the sale and delivery of such equipment.

                  Advances from customers are classified as current liabilities
until they are refunded. When the



                                      F-8
<PAGE>   12

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


contract is rescinded, these deposits are applied to operations as services
rendered.

         k)       STOCK-BASED COMPENSATION:

                  At December 31, 1999 and 2000, the Company had several stock
option transactions, which are described below. Since Mexican GAAP does not have
standards to value and record these kinds of transactions, the Company adopted
the U.S. GAAP guidelines of APB Opinion 14, "Accounting for Convertible Debt and
Debt Issued with Stock Purchase Warrants"; APB Opinion 25, "Accounting for Stock
Issued to Employees"; and FASB Statement 123, "Accounting for Stock-Based
Compensation."

                  The Company recognizes compensation expense for its stock
option plan using the intrinsic-value method of accounting. Under the terms of
the intrinsic-value method, compensation cost is the excess, if any, of the
market price of the stock at the grant date, or other measurement date, over the
amount an employee must pay to acquire the stock.

         l)       SEGMENT REPORTING:

                  In August 1997, the International accounting Standards
Committee issued revised IAS No. 14, "Segment Reporting" ("IAS 14"), which is
applicable to Mexican Companies under Bulletin A-8. IAS 14 which is effective
for years beginning after June 30, 1998, requires that companies look to their
internal organizational structure and internal reporting system for purposes of
identifying segments. For all years presented the Company operates only one
segment and does not have any particular geographical location. The revenue by
geographical location included in Note 19 is a specific disclosure required by
the SCT in the Company's Concession title.

         m)       NEW ACCOUNTING STANDARDS:

                  In August 2000, the Mexican Institute of Certified Public
Accountants ("MIPA") issued Bulletin B-4, "Comprehensive Income", to become
effective January 1, 2001. This Bulletin sets forth new guidelines for reporting
and disclosing comprehensive income and its components. Based on this Bulletin
comprehensive income will include net income of the year and other items which,
in accordance with other bulletins are recorded directly in shareholders' equity
and which are not a result of shareholders transaction such as contributions,
reductions or distributions of capital.

                  During 2000, the MIPA issued a revised Bulletin C-1 "Valuation
of Cash and temporary investments", applicable to all Mexican companies for the
year beginning January 1, 2001. This statement provides guidance for the
valuation of foreign currencies and precious metals as currency. As the Company
follows the practices mentioned in the Bulletin, the adoption of this standard
will not have a material effect on the Company's financial statements and
disclosures.

                  During 2000, the MIPA issued the Bulletin C-2 "Financial
instruments", which requires companies to recognize all derivatives contracts as
either assets or liabilities in the balance sheet and to measure them at fair
value. The Company has not entered into derivative contracts either to hedge
existing risk or for speculative purposes, and do not expect to enter in to
them. Accordingly, the Company does not expect the adoption of this new standard
to have a material effect in its financial statements.

NOTE 4. CASH AND CASH EQUIVALENTS

<TABLE>
<CAPTION>
DECEMBER 31,                                                                       1999          2000
-------------------------------------------------------------------------------------------------------------

<S>                                                                           <C>             <C>
Republic National Bank of New York: $6,625 in a certificate of deposit, due
   January 12, 2000. Annual interest rate of 5.94%.                           Ps.  69,400     Ps.     -
BancBoston: $5,010 in a certificate of deposit, due January 5, 2000. Annual
   interest rate of 5.7%.                                                          52,206             -
Bank of America: $3,430 in a certificate of deposit, due January 3, 2000.
   Annual interest rate of 3.5%.                                                   35,604             -
</TABLE>





                                      F-9
<PAGE>   13

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
DECEMBER 31,                                                                      1999            2000
-------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>               <C>
Bank of America: $22,710 in two certificates of deposit, due January 3, 2001
   Annual interest rate of 6.58% and 6.32%.                                           -              218,009
HSBC Republic: $72,375 in a certificate of deposit, due January 3, 2001
   Annual interest rate of 6.70%.                                                     -              694,778
Paine Webber Incorporated: $15,192 in money market instruments, bearing
    interest at 6.71% per annum.                                                      -              145,843
Other                                                                              10,220             13,631
-------------------------------------------------------------------------------------------------------------
                                                                              PS. 167,430       PS.1,072,261
=============================================================================================================
</TABLE>

NOTE 5. SIGNIFICANT CUSTOMERS

              Currently, our three largest customers account for more than 30%
of our revenues. We believe that this concentration will be reduced over time as
the size of our operations grows. However, our revenues could be negatively
affected, at least in the short term, if one or more of these largest customers
cancel their contract.

NOTE 6. VALUE-ADDED TAX REFUNDABLE

                  Value-Added Tax ("VAT") is levied on goods and services
acquired, at a standard rate of 15%. VAT does not usually represent an
additional cost to business enterprises because the amounts paid will be offset
against the VAT liability of the Company on the billing to customers. Because
the Company has paid VAT on investments, costs and expenses incurred, the VAT
paid has resulted in a tax overpayment subject to refund. This tax is being
refunded on a regular basis.

NOTE 7. FREQUENCY RIGHTS

                  On October 3, 1997, the federal government granted the Company
a concession to use and exploit different bands of the radio-electric spectrum
and to establish point-to-point and point-to-multi-point microwave links. The
concession became effective February 28, 1998, and will run to the year 2018.

                  The Company paid the government the sum of Ps. 114,624, which
will be amortized over the life of the concession from the start of the
Company's operations. As of December 31, 1999 and 2000, the Company has recorded
amortization expenses of Ps.2,581 and Ps.5,835 respectively.

NOTE 8. TRANSACTIONS WITH RELATED PARTIES

<TABLE>
<CAPTION>
                                                                                   1999            2000
-------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>             <C>
TRANSACTIONS:
   Office and site lease                                                      Ps.    2,603    Ps.      188
   Compensation in connection with the operation agreement and other
       expenses with CT Global Telecommunications, Inc.                             72,825          35,710
   Strategic assistance agreement and other expenses to Bachow Associates            2,004           1,698
   Advisory fee and other expenses to Bank of America                                  901           1,066
   Expenses to BancBoston                                                              173              90
-------------------------------------------------------------------------------------------------------------
                                                                              PS.   78,506    PS.   38,752
=============================================================================================================
</TABLE>

NOTE 9. TELEPHONE NETWORK SYSTEMS AND EQUIPMENT


                                      F-10
<PAGE>   14

MAXCOM TELECOMUNICATIONS, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                                                    USEFUL LIFE
DECEMBER 31,                                                                      1999                2000            (YEARS)
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>               <C>                 <C>
Office furniture                                                              Ps.      3,604    Ps.      5,933               10
Transportation equipment                                                               8,342            15,212                4
Software                                                                               5,570            16,920             3.33
Engineering equipment                                                                  7,681             8,930               10
Computer equipment                                                                    17,079            27,885             3.33
Telecommunication equipment and network                                              487,494           731,893               10
Electronic equipment                                                                 153,244           186,587             3.33
Radio equipment                                                                       76,727           116,090               10
Leasehold improvements                                                                47,955            52,105            20(1)
Other                                                                                  4,010             5,789               10
--------------------------------------------------------------------------------------------------------------------------------
                                                                                     811,706         1,167,344
Less - Accumulated depreciation                                                     (61,437)         (201,428)
Construction in process:
    Telecommunications                                                               109,263           231,220
--------------------------------------------------------------------------------------------------------------------------------
                                                                              PS.    859,532    PS.  1,197,136
================================================================================================================================
</TABLE>

(1) Or life of the lease.

NOTE 10. LONG-TERM DEBT

                  The balances as of December 31, 1999 and 2000, were:

<TABLE>
<CAPTION>
                                                                              CURRENT
                                                                            MATURITIES         LONG-TERM            TOTAL
--------------------------------------------------------------------------------------------------------------------------------
DECEMBER 31, 1999:
<S>                                                                     <C>               <C>                <C>
    Nissho Iwai American Corp. (Lucent) (2)                              Ps.        -      Ps.    556,023     Ps.    556,023
    Nissho Iwai American Corp. (NEC) (3)                                            -             143,232            143,232
    Hewlett Packard de Mexico, S.A. de C.V. (4)                                     -             168,094            168,094
    Other                                                                         4,081             4,989              9,070
--------------------------------------------------------------------------------------------------------------------------------
                                                                         PS.      4,081    PS.    872,338     PS.    876,419
================================================================================================================================

<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                                                                              CURRENT
DECEMBER 31, 2000:                                                          MATURITIES         LONG-TERM            TOTAL
--------------------------------------------------------------------------------------------------------------------------------

<S>                                                                     <C>                <C>                <C>
    $ 300,000 Senior Notes Due April 1, 2007. These Notes accrue
        interest at the rate of 13.75 % per annum. (1)                   Ps.        -      Ps.  2,879,910     Ps.  2,879,910
    Less- Cost of warrants granted to the initial purchasers of the
        senior notes (net of accumulated amortization)                              -             (82,227)          (82,227)
--------------------------------------------------------------------------------------------------------------------------------
    Senior Notes, Net                                                               -           2,797,683          2,797,683
    Other                                                                         2,917             1,183              4,100
--------------------------------------------------------------------------------------------------------------------------------
                                                                         PS.      2,917    PS.  2,798,866     PS.  2,801,783
================================================================================================================================
</TABLE>

                  Maturities of the long-term debt are as follows:

<TABLE>
<CAPTION>
YEAR ENDED                                                                                                          2000
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                              <C>
    2001                                                                                                         Ps.      2,917
    2002                                                                                                                  1,183
    2003                                                                                                                    -
    2004                                                                                                                    -
    2005                                                                                                                    -
    2006                                                                                                                    -
    2007 and thereafter                                                                                               2,879,910
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 PS.  2,884,010
================================================================================================================================
</TABLE>

         (1)      On March 17, 2000, Maxcom issued a private offering of Senior
                  Notes with a maximum aggregate

                                     F - 11
<PAGE>   15

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

        principal amount of $300 million. The Notes will mature on April 1,
        2007. The main characteristics of these Notes are as follows: (a)
        unsecured senior obligations of the Company; (b) pari passu in right of
        payment to all existing and future Senior Indebtedness of the Company;
        (c) senior in right of payment to any future Subordinated Obligations of
        the Company; (d) subject to registration with Securities and Exchange
        Commission ("SEC"), pursuant to a Registration Rights Agreement; and (e)
        fully and unconditionally guaranteed by Corporativo en
        Telecomunicaciones, S.A de C.V. These notes accrue interest at the rate
        of 13.75% per annum (14.46% including the withholding tax effect
        according to prevailing tax regulations in year 2000) and are payable
        semiannually in arrears on April 1 and October 1, commencing on October
        1, 2000.

        RESTRICTED CASH:

        Additionally, the first four semiannual scheduled interest payments were
        secured pursuant to a Pledge and Escrow Agreement between the Company
        and the Trustee, as Escrow Agent, through a deposit of $77.9 million of
        the net proceeds from the sale of the notes which were used to purchase
        and pledge to the Trustee a portfolio of U.S. government securities.
        Said portfolio is in an amount intended to be sufficient to fulfill the
        payment of the mentioned payments. As of December 31, 2000, this fund
        amounted to approximately $59 million, which was presented as restricted
        cash. After the mentioned payments, the remaining balance of the fund,
        if any, will be released from the pledge.

        On August 22, 2000, the Notes were registered with the SEC, and
        beginning on that date and ending on September 21, 2000, the Notes were
        exchanged into Series B Senior Notes, with substantially identical terms
        to those of the old notes, except that the Series B can be freely traded
        in the open market.

        The indenture contains certain covenants among others: limitations on
        indebtedness and derived payments, restrictions on distributions from
        restricted subsidiaries, limitations on sales of assets and subsidiary
        stock, limitation on affiliate transactions, limitations of sale or
        issuance of capital stock of restricted subsidiaries, limitations on
        liens, limitation on sale/leaseback transactions and restrictions in
        mergers and consolidations. If an event of default occurs and is
        continuing, the trustee or the holders of 25% in principal amount of the
        outstanding notes may declare the principal and accrued but unpaid
        interest on all the notes to be due and payable. As of December 31,
        2000, the Company has complied with all the covenants.

(2)     $100 million vendor facility, bearing an annual interest rate of
        three-month LIBOR plus 4.15% plus withholding tax (11.47% at December
        31, 1999). The outstanding balance was paid in March 2000.

(3)     $20 million vendor facility, bearing an annual interest rate of
        three-month LIBOR plus 4.15% plus withholding tax (11.47% at December
        31, 1999). The outstanding balance was paid in March 2000.

(4)     $18.7 million from Hewlett-Packard, bearing an annual interest rate of
        three-month LIBOR plus 4.15% (10.28% at December 31, 1999). The
        outstanding balance was paid in March 2000.

NOTE 11.   EMPLOYEES BENEFITS

        As of December 31, 1999 and 2000, the Company had the following labor
liabilities:

a)      INDEMNITIES TO EMPLOYEES:

        Employees who are dismissed without justification are entitled to
severance compensation determined in accordance with the provisions of Mexico's
Federal Labor Law.



                                     F - 12
<PAGE>   16
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

        b)      SENIORITY PREMIUMS:

                     In the event of dismissal without justification, retirement
after 15 years of service, or death, employees are entitled to a seniority
premium determined in accordance with the provisions of Mexico's Federal Labor
Law.

                     As of December 31, 1999 and 2000, these items were not
significant because the seniority of the vast majority of the Company's
employees was less than three years.

NOTE 12.    CAPITAL STOCK

                     Under Mexico's Federal Telecommunications Law and Foreign
Investment Law, no more than 49% of the full voting capital stock of a Mexican
corporation holding a concession to provide local and long-distance
telecommunication services may be held by foreigners.

                     The Extraordinary Shareholders' Meeting held on February
21, 2000, resolved to modify the equity structure of the Company by converting
50% of Series N shares into new shares, of Series C shares, at a rate of 1:1.
The new Series C shares have full voting and economic rights. They can only be
subscribed by the agent acting as trustee of a Neutral Investment Trust
incorporated in accordance with the Mexico's Foreign Investment Law. The trust
shall in turn issue Certificados de Participacion Ordinarios (CPO's).
Statutorily, the Trustee shall vote Series C shares in the same manner as the
majority of the Series A shares are voted. The corporate governance of the
Company remains unaffected.

                     Additionally from the capital restructuring, the
Shareholders Meeting held on February 21, 2000, resolved the conversion of
255,000 Series A shares into 127,500 Series C shares and 127,500 Series N shares
and the conversion of 245,000 Series B shares into 122,500 Series C shares and
122,500 Series N shares.

                     The capital stock is represented by registered shares with
no par value, which are divided in Series A, B and C common shares and Series N
limited-voting shares. Series A shares may only be subscribed to, acquired or
owned by Mexicans, Series B shares may be freely subscribed to and Series C
shares can only be subscribed to, acquired or owned by the agent acting as
trustee of a Neutral Investment Trust. Series N shares, which may also be freely
subscribed to, are limited-voting shares. Series C and N shares are deposited in
the Neutral Investment Trust, which in turn issue CPO's. Series C and N shares
may not be computed for purposes of determining the foreign-investment
percentage under the terms of the Foreign Investment Law. In compliance with a
ruling of the Mexican Foreign Investment Authorities, in accordance with the
Foreign Investment Law and the Company Bylaws, Series B shares may not represent
more than 49% of the voting right shares, Series C shares may not represent more
than 44.5% of the Company's total outstanding capital stock and Series N shares
may not represent more than 44.5% of the Company's total outstanding capital
stock.

                     The Extraordinary Shareholders' Meetings held on June 5 and
September 29, 2000, resolved the following:

                     (1)    To increase the Capital stock in an amount of $35
                            million issuing 3,355,446 shares, of which 1,677,723
                            are Series C shares, and 1,677,723 are Series N
                            Shares, the shareholders paid $10.44 for each share
                            or its equivalent in Mexican Pesos at the exchange
                            rate published on the official gazette on the day of
                            the payment.

                     (2)    To cancel 4,660,000 Series N shares which were held
                            in the treasury of the Company to fulfill
                            commitments of the Company, in accordance with
                            several stock options and warrants agreements (See
                            Note 13).

                     (3)    To issue 1,679,866 nominative Series C shares and
                            1,679,866 Series N shares to be held in the treasury
                            of the Company to fulfill the commitments derived
                            from the stock options and warrants agreements,
                            mentioned in Note 13.



                                     F - 13
<PAGE>   17
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

                    The Bylaws and a Shareholders' Agreement require a
supermajority of votes to approve certain transactions; they also stipulate that
the transfers of shares may be subject to certain restrictions and rights of
first refusal.

                    As of December 31, 1999 and 2000, the Company's outstanding
shares were:

<TABLE>
<CAPTION>
DECEMBER 31,                                                                                         1999            2000
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                <C>              <C>
Capital stock:
    Series A                                                                                         1,531,428        1,276,428
    Series B                                                                                         1,471,373        1,226,373
    Series C                                                                                             -            5,622,822
    Series N                                                                                         7,320,190        5,622,822
--------------------------------------------------------------------------------------------------------------------------------
TOTAL OUTSTANDING SHARES                                                                            10,322,991       13,748,445
Treasury Shares:
    Series C                                                                                             -            1,679,866
    Series N                                                                                         4,660,000        1,679,866
--------------------------------------------------------------------------------------------------------------------------------
TOTAL ISSUED SHARES                                                                                 14,982,991       17,108,177
================================================================================================================================
</TABLE>

                     Of the total outstanding shares, 765,714 Series A shares
and 763,113 Series B shares represent the minimum fixed portion, with no
withdrawal rights, of Maxcom's capital stock, while the remaining A, B, C and N
Series shares represent the variable portion of the capital stock.

                     Under the May 1998 Shareholders' Agreement as amended and
restated on August 18, 2000, if the Company registers any equity securities for
a primary or secondary public offering prior to May 21, 2002, it must permit
parties to the Shareholders' Agreement to include their shares in such an
offering. The Company will bear all expenses of any primary or secondary public
offering, other than the fees of counsel to the holders of the registration
rights and any underwriting commission or discounts. If the Company does not
register the equity securities in a primary or secondary public offering prior
to May 21, 2005, the Series N shareholders will have the right to retain an
investment banker to: sell substantially all of the assets of the Company; merge
or consolidate into another company; or require parties to the Shareholders'
Agreement to sell their shares, and distribute the proceeds to the shareholders.

                     As of December 31, 1999 and 2000, the Company's capital
stock was:

<TABLE>
<CAPTION>
DECEMBER 31                                                                                        1999              2000
---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                           <C>               <C>
Capital stock                                                                                 Ps.      595,841    Ps.    925,958
Restatement for effects of inflation                                                                   239,277           251,395
---------------------------------------------------------------------------------------------------------------------------------
Total capital stock                                                                                    835,118         1,177,353
---------------------------------------------------------------------------------------------------------------------------------
Expenses connected with private placement                                                             (18,280)           (18,280)
Restatement for effects of inflation                                                                   (6,520)            (6,520)
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                      (24,800)           (24,800)
---------------------------------------------------------------------------------------------------------------------------------
                                                                                              PS.      810,318    PS.  1,152,553
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                     During May 1998, Maxcom had a private placement and issued
6,085,977 Series N shares, which resulted in a capital stock increase of
Ps.572,221 (Ps.421,914 nominal Pesos). The expenses incurred (Ps.24,800) in
connection with the placement were directly applied to shareholders' equity.

NOTE 13.     STOCK OPTIONS

                     At December 31, 1999 and 2000, the Company had several
stock option transactions, which are described below. Since Mexican GAAP does
not have standards to value and record these kinds of transactions, the Company
adopted the U.S. GAAP guidelines of APB Opinion 14, "Accounting for Convertible
Debt and Debt Issued with Stock Purchase Warrants"; APB Opinion 25, "Accounting
for Stock Issued to Employees"; and FASB Statement 123, "Accounting for
Stock-Based Compensation".

                                     F - 14
<PAGE>   18
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

                     FASB 123 requires the Company to calculate the fair value
of each stock option at the grant date by using the Black-Scholes option-pricing
model. The following weighted average assumptions were used for grants in 1998:
no dividend yield for all years; expected volatility of 46.10%; risk-free
interest rate of 5.15%; and expected lives of 4 to 7 years.

       a)     EXECUTIVE STOCK OPTION PLAN:

                     At a Board of Directors' Meeting held in May 1998, an
executive stock option plan was approved. This plan provides that the Company
grant options, on every April 1, commencing in 1999 and until December 2000, to
several of its officers. Under this plan, a technical committee will determine
the executive officers to whom, options to purchase Series N shares will be
granted, as well as the terms of those options.

                     The Company has created two option plans for its executive
officers, as follows:

                     The first award (option "A") consists of a total of 425,000
options to be awarded as follows: 170,000 on April 1, 1999, at an exercise price
of $8.70; 145,000, on April 1, 2000, at an exercise price of $10.40 and 110,000
on April 1, 2001, at an exercise price of $12.55. The options vest equally over
a five-year period beginning on the date of the grant. These options are granted
to executive officers depending on the achievement of certain Company goals
determined by the Board of Directors.

                     If targets are met, these options may be awarded to
executive officers who continued to provide professional services to the Company
on April 1, 1999 and 2000. The only requirement to receive the option is that
the executive officers must be rendering services to the Company at the time of
the grant, in his capacity of officer.

                     The second award (option "B") is granted based on a set
formula as defined in the options plan agreement. Options will be granted to
executive officers at an exercise price of $10.45 at April 1, 2000, and at an
exercise price of $12.55 at April 1, 2001.

                     Based on APB Opinion No. 25, compensation expense is
determined based on the market or fair-value price of the stock at the
measurement date, less the amount, if any, that the executive officers are
required to pay for the stock.

                     Since the option price equals the market value on the date
of the grant, there is no intrinsic value for the options and thus there is no
expense associated with these options to record in the financial statements.

                     Should a company elect to account for options to employees
under APB 25, FASB 123 requires it to provide pro forma information regarding
net income and earnings per share as if compensation cost for the company's
executive stock option plan had been determined in accordance with the
fair-value based method prescribed in that statement.

                     As of December 31, 1999 and 2000, under the accounting
provisions of FASB 123, the Company's net loss and net loss per share would have
been as follows:

<TABLE>
<CAPTION>
                                                                                      AS REPORTED         PRO-FORMA
-------------------------------------------------------------------------------------------------------------------------
<S>                                                                                   <C>                 <C>
         DECEMBER 31,  1999
         Net loss                                                                        Ps   236,638       Ps  241,636
            Net loss per share -- basic and diluted                                             23.05             23.18

         DECEMBER 31,  2000
            Net loss                                                                          597,010           599,237
            Net loss per share -- basic and diluted                                             52.08             50.87
</TABLE>

       b)     NISSHO IWAI AMERICAN CORP. STOCK OPTIONS:



                                     F - 15
<PAGE>   19
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

                     In March 24, 1998, the Company granted options to Nissho
Iwai for 337,471 Series N shares at fixed exercise prices per share of $10.87,
expiring through March 2005. No options have been exercised as of December 31,
2000. These options were issued in connection with a financing agreement and
their cost was valued at approximately $2.2 million, which was amortized during
the life of the financing.

       c)     CT GLOBAL TELECOMMUNICATIONS, INC. (CTGT) STOCK OPTIONS:

                     On May 21, 1998, the Company granted options to CT Global
Telecommunications for up to 250,000 Series N shares at an exercise price of
$8.70. These options will expire two years after CTGT disposes of its equity
participation in Maxcom. CTGT's rights to these options is subject to certain
performance objectives. On this basis, as of December 31, 2000, CTGT had
acquired the right to exercise up to 150,000 series N shares. The cost of these
options was valued at approximately $567, which was expensed as granted. No
options have been exercised as of December 31, 2000. The shares subject to these
options agreement are limited to a maximum gain of $40.00 per share.

       d)     BACHOW AND ASSOCIATES STOCK OPTIONS:

                     On May 21, 1998, the Company granted options to Bachow and
Associates for up to 100,000 Series N shares at an exercise price of $8.70
expiring two years after Bachow Investment Partners III L.P. disposes of its
current equity participation in Maxcom. Bachow and Associates' right to exercise
the options are subject to performance objectives. As of December 31, 2000,
Bachow and Associates had accomplished all objectives, which gave it the right
to exercise the total of the options. The cost of these options was valued at
approximately $397, which was expensed as granted. No options have been
exercised as of December 31, 2000. The shares subject to these options agreement
are limited to a maximum gain of $40.00 per share. During 1999 and 2000, Bachow
and Associates advanced $43 towards the exercise of its options and such amount
is reflected in additional paid-in capital.

       e)     AMSTERDAM PACIFIC LLC STOCK OPTIONS:

                     On May 21, 1998, the Company granted options to Amsterdam
Pacific, in connection with an equity financing transaction, for up to 24,425
Series N shares at an exercise price of $8.70 expiring May 21, 2003. As of
December 31, 2000, Amsterdam Pacific had the right to exercise its options.

       f)     WARRANTS IN CONNECTION WITH THE OFFERING OF THE NOTES:

                     The Company granted the bondholders and initial purchasers
of the Senior Notes up to 876,492 warrants to purchase Series N shares at an
exercise price of $0.01 (or $0.02 CPO's). The cost of these warrants was valued
at approximately $8.6 millions, and was recorded as a discount of the senior
notes and as an additional paid-in capital. This cost will be amortized as
additional interest expense over the life of the senior notes.

                     A summary of the changes of the stock options for the years
reported, is presented below:

<TABLE>
<CAPTION>
 YEAR ENDED DECEMBER 31,                          1998                           1999                          2000
-------------------------------------------------------------------------------------------------------------------------------
                                                           WEIGHTED-                     WEIGHTED-                    WEIGHTED-
                                                            AVERAGE                       AVERAGE                      AVERAGE
                                                           EXERCISE                      EXERCISE                      EXERCISE
                                            SHARES           PRICE         SHARES          PRICE         SHARES         PRICE
-------------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>            <C>            <C>            <C>         <C>              <C>
 Outstanding at beginning of year             -               -           711,896        $   9.73       853,646       $   9.56
 Granted                                    711,896        $   9.73       142,250            8.70     1,469,492           4.15
 Forfeited                                    -               -             (500)                         (850)              -
-------------------------------------------------------------------------------------------------------------------------------
Outstanding at the end of the year          711,896        $   9.73       853,646        $   9.56     2,322,288       $   6.14
-------------------------------------------------------------------------------------------------------------------------------
 Options exercisable at end of year         414,396        $  10.47       492,346        $  10.19     1,670,538       $   4.65
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     F - 16
<PAGE>   20
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

<TABLE>
<S>                                        <C>                            <C>                           <C>
 Weighted-average fair value of options
granted during the year (expressed in
U.S. Dollars)                              $   6.21                       $  3.72                       $  8.21
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                    The following table summarizes of the stock options
outstanding:

<TABLE>
<CAPTION>
                                                                 OUTSTANDING                           EXERCISABLE
                                                ----------------------------------------------------------------------------
                                                                        WEIGHTED-AVERAGE                         WEIGHTED-
                                                                     ------------------------                     AVERAGE
                                      RANGE OF                       REMAINING       EXERCISE                     EXERCISE
                                       PRICES          NUMBER           LIFE          PRICE         NUMBER         PRICE
----------------------------------------------------------------------------------------------------------------------------
<S>                                <C>                  <C>           <C>           <C>         <C>                <C>
 DECEMBER 31, 1998
                                   $       8.70         374,425           4.97       $   8.70        76,925        $   8.70
                                          10.87         337,471           7.00          10.87       337,471           10.87
----------------------------------------------------------------------------------------------------------------------------
 DECEMBER 31, 1999
                                   $       8.70         516,175           5.86       $   8.70       154,875        $   8.70
                                          10.87         337,471           6.00          10.87       337,471           10.87
----------------------------------------------------------------------------------------------------------------------------
 DECEMBER 31, 2000
                                   $       8.70         515,325           5.22       $   8.70       329,975        $   8.70
                                    10.40-10.87         920,471           7.89          10.57       454,071            5.30
                                           0.01         886,492           7.00           0.01       886,492            0.01
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

NOTE 14.    POSITION IN FOREIGN CURRENCY

                     The Company currently does not hedge any of its
foreign-denominated assets or liabilities.

                     As of December 31, 1999 and 2000, the Company's
foreign-currency position was:

<TABLE>
<CAPTION>
DECEMBER 31,                                                                                      1999              2000
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>                <C>
U.S. DOLLARS:
    Assets                                                                                 $          18,953  $         170,799
    Liabilities                                                                                       88,552            320,945
--------------------------------------------------------------------------------------------------------------------------------
NET LIABILITY IN U.S. DOLLARS                                                              $         (69,599) $        (150,146)
--------------------------------------------------------------------------------------------------------------------------------
Exchange rate at end of the year (Ps. per U.S.$1.00)                                       Ps.          9.52  Ps.          9.60
================================================================================================================================
</TABLE>
NOTE 15.    INCOME TAX AND TAX-LOSS CARRY-FORWARDS

                     The Company has had tax losses since inception and
accordingly has not provided for income taxes. The following is a summary of the
reconciliation between book and tax results:

<TABLE>
<CAPTION>
PERIOD ENDED DECEMBER 31,                                                                        1999              2000
-------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>               <C>
Net loss for the period                                                                    Ps.    236,638    Ps.    597,010
Preoperating expenses and expenses incurred in connection with a placement, which were
    considered as tax deductions when incurred                                                     90,661            26,503
Difference between inflationary effects for accounting and tax purposes                            41,289          (143,969)
Nondeductible items                                                                                (3,017)           (1,834)
-------------------------------------------------------------------------------------------------------------------------------
NET LOSS FOR THE PERIOD                                                                    PS.    365,571    PS.    477,710
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     F - 17
<PAGE>   21
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

                     In accordance with Mexico's Income Tax Law, tax losses are
subject to restatement by inflation and may be carried forward against future
taxable profits of subsequent years. As of December 31, 2000, the Company's
restated cumulative tax losses were:

<TABLE>
<CAPTION>
                                                                                FISCAL                           EXPIRATION
                                                                                 YEAR             AMOUNT            YEAR
---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                              <C>         <C>                  <C>
                                                                                 1996        Ps.         6,306       2006
                                                                                 1997                   22,500       2007
                                                                                 1998                  144,649       2008
                                                                                 1999                  365,571       2009
                                                                                 2000                  477,710       2010
--------------------------------------------------------------------------------------------------------------------------------
                                                                                             PS.     1,016,736
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                     In accordance with Bulletin D-4 issued by MIPA, starting
2000, the Company recognizes the deferred income tax using the assets and
liabilities method. This method requires to recognize the tax consequences of
all temporary differences, both recurring and non-recurring, between the
financial statements' carrying amounts and the tax basis of existing assets,
liabilities and tax losses. At year-end this caption is summarized as follows:

<TABLE>
<CAPTION>
DECEMBER 31,                                                                                                        2000
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                           <C>
Accounts receivable                                                                                           Ps.        2,907
Equipment for resale                                                                                                    (3,154)
Frequency rights                                                                                                        (4,148)
Telephone network systems and equipment, net                                                                           (76,293)
Preoperating expenses                                                                                                  (77,560)
Other assets                                                                                                            (3,501)
--------------------------------------------------------------------------------------------------------------------------------
          Total assets and liabilities                                                                                (161,749)
Tax-loss carry-forward                                                                                                 355,858
--------------------------------------------------------------------------------------------------------------------------------
Deferred-tax asset                                                                                                     194,109
Deferred-tax asset-valuation allowance                                                                                (194,109)
--------------------------------------------------------------------------------------------------------------------------------
          NET DEFERRED TAX                                                                                    PS.         -
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

NOTE 16.    COMMITMENTS

                     At December 31, 2000, the Company had the following
commitments:

                     1.     The Company was committed under purchase orders and
                            other commitments in the amount of Ps.22,849.

                     2.     The Company maintains operating leases on buildings,
                            sites and transportation equipment, having recorded
                            leasing costs of Ps.26,278 in 1999 and Ps.27,553 in
                            2000. The schedule of future minimum lease payments
                            is as follows:

<TABLE>
<CAPTION>
DECEMBER 31, 2000                                                                                    1999            2000
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                            <C>              <C>
2001                                                                                           Ps.      21,037  Ps.      23,214
2002                                                                                                    23,393           22,566
2003                                                                                                    19,716           19,543
2004                                                                                                   107,579           16,882
2005 and thereafter                                                                                       -             128,510
--------------------------------------------------------------------------------------------------------------------------------
                                                                                               PS.     171,725  PS.     210,715
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>



                                     F - 18
<PAGE>   22
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

NOTE 17.   SUBSEQUENT EVENT

                    As of the date of issue of these financial statements, the
Company is negotiating with several carriers the interconnection tariffs. The
new agreements will have retroactive effects to January 1, 2001.

NOTE 18.   SIGNIFICANT DIFFERENCES BETWEEN MEXICAN AND U.S. GAAP

                    The Company's consolidated financial statements are prepared
in accordance with Mexican GAAP, which differ in certain significant respects
from U.S. GAAP. The Mexican GAAP consolidated financial statements include the
effects of inflation as provided for under Bulletin B-10 of MIPA. The
application of Bulletin B-10 represents a comprehensive measure of the effects
of price level changes in the Mexican economy, an is considered to result in a
more meaningful presentation than historical cost-based financial reporting for
both Mexican and U.S. accounting purposes. Therefore, the following
reconciliation to U.S. GAAP does not include the reversal of such inflationary
effects.

                    The principal differences between Mexican GAAP and U.S. GAAP
other than inflation accounting, are presented in the following pages with an
explanation, where appropriate, of the effects on consolidated net income and
shareholders' equity. Reconciling items are presented net of any gain or loss
from monetary position.

                    The following is a summary of the adjustments to net loss
and shareholders' equity as of and for the periods ended December 31, 1998, 1999
and 2000:

<TABLE>
<CAPTION>
PERIODS ENDED DECEMBER 31,                                             1998*                  1999*                  2000*
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                               <C>                   <C>                    <C>
Net loss under Mexican GAAP                                       Ps           -        Ps           236,638   Ps           597,010
------------------------------------------------------------------------------------------------------------------------------------
Adjustments:
   Preoperating expenses applied to operations for U.S. GAAP
     purposes                                                              (133,923)                (87,072)                  -
   Capitalization of interest                                                 20,423                  19,790                 15,407
   Amortization of preoperating expenses                                       -                      19,073                 28,945
   Amortization of frequency rights for U.S. GAAP purposes,
     considering 20 year life of concession (2)                              (5,761)                 (3,180)                     74
   Amortization of capitalized interest                                      (1,015)                 (3,031)                (4,791)
------------------------------------------------------------------------------------------------------------------------------------
Total U.S. GAAP adjustments                                                (120,276)                (54,420)                 39,635
------------------------------------------------------------------------------------------------------------------------------------
NET LOSS UNDER U.S. GAAP                                          PS         120,276    PS           291,058   PS           557,375
------------------------------------------------------------------------------------------------------------------------------------
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING                                 8,134,883              10,264,827             11,463,667
------------------------------------------------------------------------------------------------------------------------------------
NET LOSS PER SHARE UNDER U.S. GAAP                                PS           14.78    PS             28.35   PS             48.62
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

*as adjusted - see below

<TABLE>
<CAPTION>

BALANCES AS OF DECEMBER 31,                                            1998*                  1999*                  2000*
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                        <C>                     <C>                    <C>
SHAREHOLDERS' EQUITY UNDER MEXICAN GAAP:                                     829,616                 605,582                441,735
Accumulated adjustments:
   Preoperating expenses applied to operations for U.S. GAAP
     purposes                                                              (203,516)               (290,588)              (290,588)
   Capitalization of interest                                                 20,423                  40,213                 55,620
   Amortization of preoperating expenses                                       -                      19,073                 48,018
</TABLE>


                                     F - 19
<PAGE>   23
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

BALANCES AS OF DECEMBER 31,                                            1998*                  1999*                  2000*
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                               <C>                   <C>                    <C>
   Amortization of frequency rights for U.S. GAAP purposes,
     considering 20 year life of concession (2)                              (7,201)                (10,381)               (10,307)
   Amortization of capitalized interest                                      (1,015)                 (4,046)                (8,837)
------------------------------------------------------------------------------------------------------------------------------------
Total U.S. GAAP Adjustments                                                (191,309)               (245,729)              (206,094)
------------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY UNDER U.S. GAAP                              PS         638,307    PS           359,853   PS           235,641
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

*as adjusted - see below

Provided below is an analysis of changes in shareholders' equity under U.S.
GAAP:


<TABLE>
<CAPTION>
                                                                  YEAR ENDED DECEMBER 31,
                                                                  -----------------------
                                                                   1999*            2000*
                                                                   -----            -----
<S>                                                              <C>              <C>
Balance at the beginning of the year                                 638,307         359,853
Net income under U.S. GAAP                                         (291,058)       (557,375)
Increase in capital stock                                             10,180         335,304
Contributions for future increases of capital                            361              96
Stock options and warrants                                             2,063          97,763
                                                                =============    ============
Balance at the end of the year                                       359,853         235,641
                                                                =============    ============
</TABLE>

*as adjusted - see below

        a)      RESTATEMENT OF PREVIOUSLY REPORTED RECONCILIATION BETWEEN
MEXICAN GAAP AND U.S. GAAP:

                        The Company reassessed the accounting treatment of U.S.
GAAP adjustments as of and for the years ended December 31, 1998, 1999 and 2000,
mainly due to (1) the recognition of the inflationary effects on the U.S. GAAP
adjustments, (2) the methodology of the amortization of the capitalization of
interest, preoperating expenses and frequency rights and (3) the recognition of
the deferred taxes on U.S. GAAP adjustments. As a result of such reassessment,
the Company restated the reconciliation between Mexican GAAP and U.S. GAAP.
Additionally the Company included other disclosures in both Mexican and U.S.
GAAP in order to comply with the S-X rules required by the SEC.

                        The effect of these adjustments on previously reported
consolidated net income and shareholders' equity is summarized as follows:


<TABLE>
<CAPTION>
                                                        1998          1999          2000
                                                        ----          ----          ----
<S>                                                   <C>           <C>            <C>
U.S. GAAP NET LOSS AS PREVIOUSLY REPORTED                 97,632       294,442        552,758
Difference due to:
Preoperating expenses                                   (28,870)        10,527
Capitalization of interest                                 1,785         1,627
Amortization of preoperating expenses                                    1,568            100
Amortization of capitalized interest                     (1,015)       (3,031)        (4,791)
Amortization of frequency rights                           (444)       (1,407)             74
Deferred income tax                                        5,900       (5,900)
                                                    ============= ============= ==============
NET LOSS AS ADJUSTED                                     120,276       291,058        557,375
                                                    ============= ============= ==============
U.S. GAAP SHAREHOLDERS' EQUITY AS PREVIOUSLY
REPORTED                                                 668,112       386,274        266,679
Difference due to:
</TABLE>



                                      F-20

<PAGE>   24
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S>                                                   <C>           <C>         <C>
Preoperating expenses                                   (36,031)      (25,504)       (25,504)
Capitalization of interest                                1,785         3,412          3,412
Amortization of preoperating expenses                                   1,568          1,668
Amortization of capitalized interest                     (1,015)       (4,046)        (8,837)
Amortization of frequency rights                           (444)       (1,851)        (1,777)
Deferred income tax                                       5,900             -              -
                                                    ------------- ------------- --------------
SHAREHOLDERS' EQUITY AS ADJUSTED                        638,307       359,853        235,641
                                                    ------------- ------------- --------------
</TABLE>

        B) PREOPERATING EXPENSES:

              Under Mexican GAAP, all expenses incurred while a company or a
project is in the preoperating or development stages are deferred and considered
as a component of the company's assets. Such capitalized expenses are amortized
on a straight-line basis for a period not exceeding 10 years after the
corresponding asset commences operations. According to U.S. GAAP, such
preoperating expenses are expensed as incurred.

        C) DEFERRED INCOME TAXES:

              Temporary differences under SFAS 109 are determined based on the
difference between the indexed tax-basis amount of the asset or liability and
the related restated amount reported in the financial statements. The deferred
income tax expense or benefit is calculated as the difference between (a) the
deferred tax assets and liabilities at the end of the current period, and (b)
the deferred tax assets and liabilities reported at the end of the prior period
remesured to units of current general purchasing power at the end of the current
period, whereas, under Mexican GAAP Bulletin D-4, the change in the deferred tax
asset or liability is first measured on a historical cost basis and the
components of the change including monetary gains or losses are allocated
between tax provision, deficit from restatement and monetary gain or loss.

              Generally, under U.S. GAAP, the tax benefit of a net
operating-loss carry-forward must be reported in the same manner as the source
of the income or the loss in the current year. Because the realization of the
Company's tax losses is considered to be uncertain, a valuation allowance has
been established for the net amount of the potential deferred tax asset.

              Deferred income taxes determined in accordance with SFAS 109 would
be as follows:

<TABLE>
<CAPTION>
DECEMBER 31,                                      1998            1999           2000
-------------------------------------------------------------------------------------------
<S>                                           <C>            <C>             <C>
Non-current deferred tax liability on:
  Customers                                   Ps         -   Ps       1,181  Ps      2,907
  Equipment for resale                                   -          (2,563)        (3,154)
  Frequency rights                                   (2,352)        (4,799)        (4,148)
  Telephone network system and equipment             (2,693)       (25,636)       (76,578)
  Preoperating expenses                                7,251          8,750          6,939
  Other assets                                           -              -          (3,500)
-------------------------------------------------------------------------------------------
                                                       2,206       (23,067)       (77,534)
Non-current deferred tax asset on tax-loss
carry-forwards                                        53,713        188,659        348,401
-------------------------------------------------------------------------------------------
Deferred tax (liability) asset                        55,919        165,592        270,867
Deferred-tax asset-valuation allowance              (55,919)      (165,592)      (270,867)
-------------------------------------------------------------------------------------------
Net deferred tax liability                   Ps          -   Ps      -      Ps      -
===========================================================================================
</TABLE>



                                      F-21

<PAGE>   25

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


        D) STATEMENT OF CHANGES IN FINANCIAL POSITION:

              Under Mexican GAAP, the Company presents statements of changes in
financial position in constant Mexican Pesos. This presentation identifies the
generation and application of resources representing differences between
beginning and ending financial statement balances in constant Mexican Pesos.

              Under U.S. GAAP, pursuant to SFAS No. 95, "Statement of cash
flows" ("SFAS 95"), a statement of cash flows is a required component of a
complete set of financial statements in lieu of a statement of changes in
financial position. SFAS 95 establishes specific presentation requirements and
additional disclosures but does not provide guidance with respect to inflation
adjusted financial statements. Based on requirements of the Securities and
Exchange Commission (the "SEC"), the effect of the inflation restatements and
foreign exchange gains and losses on cash flow related to the financing and
operating activities has been included in the line item, "Monetary gain", and
the effect of inflation on cash balances has been included in a separate line
item after cash flows from investing activities.

<TABLE>
<CAPTION>
PERIODS ENDED DECEMBER 31,                           1998         1999         2000
-----------------------------------------------------------------------------------------
<S>                                              <C>          <C>          <C>
Operating activities:
Net loss under U.S. GAAP                          Ps  120,276 Ps   291,058 Ps    557,375
  Adjustments to reconcile net income to net
cash flow
    provided by operation activities:
      Depreciation and amortization                     8,076       69,691       176,812
      Allowance for doubtful accounts                      -         3,095         8,035
      Monetary gain (loss)                             49,704     (21,756)      (90,101)
      Accrued interest                                     -         5,875       104,098
      Unrealized foreign exchange loss, net                -            -         28,792
                                                  ---------------------------------------
                                                     (62,496)    (234,153)     (329,739)
  Changes in operating assets and liabilities:
    Restricted cash                                        -      (20,362)     (543,072)
    Accounts receivable, net                         (48,674)     (22,691)         5,541
    Equipment for resale, net                              -       (7,322)       (2,292)
    Prepaid expenses                                       -       (4,574)       (5,453)
    Other liabilities                                  17,608       66,063       163,808
-----------------------------------------------------------------------------------------
      Cash flow provided by operating activities     (93,562)    (223,039)     (711,207)
-----------------------------------------------------------------------------------------
Financing activities:
  Notes payable                                       231,700      688,160     1,961,524
  Increase in capital stock                           655,580      136,243       408,869
  Increase in additional paid-in capital                   -        31,902        93,551
-----------------------------------------------------------------------------------------
      Cash flow provided by financing activities      887,280      856,305     2,463,944
-----------------------------------------------------------------------------------------
Investing activities:
  Acquisition in fixed assets                        (281,929)   (706,589)     (573,504)
  Other assets                                        (5,613)     (42,618)     (179,269)
-----------------------------------------------------------------------------------------
        Cash flow used in investing activities       (287,542)   (749,207)     (752,773)
-----------------------------------------------------------------------------------------
Cash and cash equivalents:
  Effect of inflation and exchange rate changes on
cash and cash equivalents                           (121,088)    (140,881)      (95,133)
  Net increase (decrease) in cash and cash
equivalents                                           387,476    (256,822)       904,831
  Cash and cash equivalents at beginning of the
year                                                   36,776      424,252       167,430
-----------------------------------------------------------------------------------------
  Cash and cash equivalents at end of year        Ps  421,864 Ps   167,430 Ps  1,072,261
=========================================================================================
  </TABLE>
E)     FREQUENCY RIGHTS:


                                      F-22
<PAGE>   26
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

                Frequency rights are being amortized by the straight-line method
over the term of the concession, since the Company commenced operations. Under
U.S. GAAP, this item should be amortized during the term of the concession
beginning at the granting date of the Concession by the SCT.

        F) CAPITALIZATION OF INTEREST:

                In accordance with Mexican GAAP, capitalization of interest or,
during inflationary periods, comprehensive (income from) cost of financing
incurred in the period of construction and installation of an asset is
permitted. The interest to be capitalized is that of specific financing obtained
for the construction of the related asset. Under U.S. GAAP, capitalization of
interest is required for certain qualifying assets that require a period of time
to get them ready for their intended use. The amount of interest to be
capitalized is that portion of the interest cost incurred during the assets'
acquisition period that theoretically could have been avoided if expenditures
for the assets had not been made, and is not limited to indebtedness
attributable to the assets.

        G) STOCK OPTION PLAN:

                Mexican GAAP does not specifically address this item. Under U.S.
GAAP, an entity is encouraged to use a fair-value method of accounting to
measure compensation cost for its stock options and similar equity instruments
awarded to employees. If the fair-value method is not used, the intrinsic-value
method of accounting is required. Under the fair-value method, compensation cost
is generally measured at the grant date based on the fair value of the award and
is recognized over the service period, which is usually the vesting period.
Under the intrinsic-value method, compensation cost is the excess, if any, of
the market price of the stock at grant date or other measurement date over the
amount an employee must pay to acquire the stock. Options issued to
non-employees are valued using the fair-value concept.

                As is mentioned in Note 13, since the Company adopted U.S. GAAP
for these transactions, there are no differences between Mexican and U.S. GAAP.

        H) COMPREHENSIVE INCOME:

                SFAS No. 130 "Reporting Comprehensive Income" for U.S. GAAP
purposes establishes rules for the reporting and display of comprehensive income
and its components. For the years ended December 31, 1998, 1999 and 2000 there
are no components of other comprehensive income.

        I) LOSSES PER SHARE:

                Diluted losses per share are equal to basic losses per share for
the years ended December 31, 1998, 1999 and 2000.

        J) RECENT U.S. ACCOUNTING STANDARDS:

                In June 1998, the Financial Accounting Standard Board ("FASB")
issued SFAS No. 133, Accounting for Derivative Instruments and Hedging
Activities ("SFAS 133"), which requires that all derivative instruments be
recorded on the balance sheet at their fair value. Changes in the fair value of
derivatives are recorded each period in current earnings or other comprehensive
income, depending on whether a derivative is designated as a part of a hedge
transaction, and, if so, the type or hedge transaction. This statement is
effective for fiscal years beginning after June 15, 2000. In June 2000, the FASB
issued Statement No. 138 Accounting for Derivative Instruments and Hedging
Activities - an amendment of SFAS 133. This amendment addresses certain issues
causing implementation difficulties for entities that have adopted or will adopt
SFAS 133. The adoption of SFAS 133 did not have a material impact on the
Company's financial position or results of operations.


                                      F-23

<PAGE>   27

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

                In December 1999, the Securities and Exchange Commission issued
Staff Accounting Bulletin 101, "Revenue Recognition in Financial Statements"
("SAB 101"). SAB 101 provides guidance on the recognition, presentation and
disclosure of revenues in financial statements and requires adoption no later
than the fourth fiscal quarter of fiscal years after December 15, 1999. The
company implemented SAB 101 effective January 1, 2000 and its adoption did not
have a material impact on the Company's earnings of financial position.

                In September 2000, the FASB issued SFAS No. 140, "Accounting for
Transfers and Servicing of Financial Assets and Extinguishment of Liabilities. "
SFAS140 provides accounting and reporting standards for transfers and servicing
of financial assets and extinguishments of liabilities. SFAS 140 replaces SFAS
No. 125 and is effective for transfers and servicing of financial assets and
recognition and reclassification of collateral and for disclosures relating to
securitization transactions and collateral for fiscal years ending after
December 15, 2000. The adoption of SFAS 140 effective January 1, 2001, will not
materially impact the Company's earnings or financial position.

                In March 2000, the FASB issued FASB Interpretation No. 44,
Accounting for Certain Transactions Involving Stock Compensation. Interpretation
44 provides criteria for the recognition of compensation expense in certain
stock-based compensation arrangements that are accounted for under Accounting
Principles Board Opinion No. 25, Accounting for Stock-Based Compensation.
Interpretation 44 was effective July 1, 2000, with certain provisions that were
effective retroactively to December 15, 1998 and January 15, 2000. The adoption
of Interpretation 44 did not have an impact on the company's consolidated
financial statements.

        K) CONDENSED CONSOLIDATING FINANCIAL INFORMATION:

                As mentioned in Note 10, in March 2000 the Company issued
U.S.$300 million of senior unsecured notes (the "Notes") as part of its
financing program. The Notes are guaranteed on a senior subordinated, unsecured
basis, pursuant to a guarantee by the Company's subsidiary, Corporativo
("Guarantor Subsidiary"). The subsidiary guarantee is full and unconditional.

                Presented below is condensed consolidated financial information
as and for December 31, 1998, 1999, and 2000 and for the three years ended
December 31.

                The Company has not presented separate financial statements and
other disclosures concerning the Guarantor Subsidiary because management has
determined that such information is not material to investors.

<TABLE>
<CAPTION>
                                                     MAXCOM    CORPORATIVO ELIMINATIONS  CONSOLIDATED
                                                 ------------------------------------------------------
<S>                                              <C>           <C>            <C>        <C>
 BALANCE SHEET AS OF DECEMBER 31, 1998:
   Cash and cash equivalents and restricted
     cash                                         Ps   421,825  Ps      39           Ps  Ps    421,864
   Short- and long-term restricted cash                  2,026           -                       2,026
   Accounts receivable                                  54,542         661        (661)         54,542
   Equipment for resale                                      -           -                           -
   Prepaid expenses                                      6,467         246                       6,713
   Frequency rights                                    114,582           -                     114,582
   Telephone network system and equipment              269,934           -                     269,934
   Preoperating expenses                               183,099           -                     183,099
   Other assets                                         27,715           -        (226)         27,489
-------------------------------------------------------------------------------------------------------
        TOTAL ASSETS                              PS 1,080,190  PS     946   PS   (887)  PS  1,080,249
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
  Total liabilities                               Ps   250,581  Ps     720   Ps   (661)  Ps    250,640
-------------------------------------------------------------------------------------------------------
  Shareholders' Equity
-------------------------------------------------------------------------------------------------------
       Capital stock and additional paid-in
        capital                                        829,609          71         (71)        829,609
       Deficit                                               -         155        (155)              -
-------------------------------------------------------------------------------------------------------
       Total Shareholders' Equity                      829,609         226        (226)        829,609
-------------------------------------------------------------------------------------------------------
</TABLE>


                                      F-24

<PAGE>   28
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                     MAXCOM    CORPORATIVO ELIMINATIONS  CONSOLIDATED
<S>                                              <C>           <C>            <C>        <C>
-------------------------------------------------------------------------------------------------------
  Total liabilities and Shareholders' Equity      PS 1,080,190  PS     946   PS   (887)  PS  1,080,249
-------------------------------------------------------------------------------------------------------
  Total Shareholder's Equity under Mexican GAAP   PS   829,609         226        (226)        829,609
-------------------------------------------------------------------------------------------------------
              Preoperating expenses                  (203,516)                               (203,516)
              Capitalization of interest              (20,423)                                (20,423)
              Amortization of preoperating
                expenses
              Amortization of frequency rights         (7,201)                                 (7,201)
              Amortization of capital interest         (1,015)                                 (1,015)
-------------------------------------------------------------------------------------------------------
  TOTAL SHAREHOLDERS' EQUITY UNDER U.S. GAAP           638,307         226        (226)        638,307
-------------------------------------------------------------------------------------------------------

 STATEMENT OF OPERATIONS FOR THE YEAR ENDED
DECEMBER 31, 1998
   Revenues                                       Ps         -  Ps  40,302   Ps (40,302) Ps          -
   Operating cost and expenses                               -     (40,451)      40,451              -
   Comprehensive (income) cost of financing                  -         330        (330)              -
   Other                                                     -        (26)           26              -
-------------------------------------------------------------------------------------------------------
       NET LOSS                                   PS         -  PS     155   PS   (155)  PS          -
-------------------------------------------------------------------------------------------------------
       NET LOSS FOR THE YEAR UNDER MEXICAN GAAP   PS            PS           PS          PS
-------------------------------------------------------------------------------------------------------
              Preoperating expenses                  (133,923)                               (133,923)
              Capitalization of interest                20,423                                  20,423
              Amortization of preoperating
                 expenses
              Amortization of frequency rights         (5,761)                                 (5,761)
              Amortization of capital interest         (1,015)                                 (1,015)
-------------------------------------------------------------------------------------------------------
       NET LOSS FOR THE YEAR UNDER U.S. GAAP      PS   120,276  PS           PS          PS    120,276
-------------------------------------------------------------------------------------------------------

 STATEMENT OF CHANGES IN FINANCIAL POSITION FOR
THE YEAR ENDED DECEMBER 31, 1998
 OPERATING ACTIVITIES:
   Net loss                                       Ps         -  Ps     155   Ps   (155)  Ps          -
   Depreciation and amortization charged to
   operations                                                -           -            -              -
-------------------------------------------------------------------------------------------------------
                                                             -         155        (155)              -
   Net change in restricted cash, accounts
receivable, inventories, prepaid expenses,
accounts payable and accrued expenses:                       -       (187)          187              -
-------------------------------------------------------------------------------------------------------
       Resources used in operating activities                -        (32)          187              -
-------------------------------------------------------------------------------------------------------
 FINANCING ACTIVITIES:
   Issuance of capital stock                           547,521          71         (71)        547,521
   Additional paid- in capital                          29,478           -            -         29,478
   Proceeds form loans and notes payables, net         228,895           -            -        228,895
-------------------------------------------------------------------------------------------------------
       Resources provided by financing
       activites                                       805,894          71         (71)        805,894
-------------------------------------------------------------------------------------------------------
 INVESTING ACTIVITIES:                                                                               -
 Preoperating expenses                                 113,037           -            -        113,037
 Cambio neto en activos y pasivos monetarios            26,817           -            -         26,817
 Telephone network systems and equipment               270,106           -            -        270,106
 Other asset                                            27,491           -            -         27,491
-------------------------------------------------------------------------------------------------------
 Resources used in investing activities                437,451           -            -        437,451
-------------------------------------------------------------------------------------------------------
</TABLE>


                                      F-25
<PAGE>   29

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                     MAXCOM    CORPORATIVO ELIMINATIONS  CONSOLIDATED
                                                 ------------------------------------------------------
<S>                                              <C>           <C>            <C>        <C>
 CASH AND CASH EQUIVALENTS:
   Increase (decrease) during the period               368,443          39                     368,482
   Beginning balance                                    53,382           -            -         53,382
-------------------------------------------------------------------------------------------------------
   Ending balance                                 Ps   421,825  Ps      39   Ps       -  Ps    421,864
=======================================================================================================
  </TABLE>


<TABLE>
<CAPTION>
                                                     MAXCOM    CORPORATIVO  ELIMINATIONS CONSOLIDATED
                                                 -----------------------------------------------------
<S>                                              <C>           <C>          <C>          <C>
BALANCE SHEET AS OF DECEMBER 31, 1999:
  Cash and cash equivalents and restricted cash   Ps   167,059  Ps      371  Ps       -   Ps  167,430
  Short- and long-term restricted cash                  20,362            -           -        20,362
  Accounts receivable                                   75,774        5,279     (5,154)        75,899
  Equipment for resale                                   7,322            -           -         7,322
  Prepaid expenses                                       4,475           99           -         4,574
  Frequency rights                                     112,002            -           -       112,002
  Telephone network system and equipment               859,532            -           -       859,532
  Preoperating expenses                                270,369            -           -       270,369
  Other assets                                          46,781          113         260        47,154
------------------------------------------------------------------------------------------------------
       TOTAL ASSETS                               PS 1,563,676  PS    5,862  PS (4,894)   PS1,564,644
------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------
  Total liabilities                                    958,094        6,123     (5,155)       959,062
------------------------------------------------------------------------------------------------------
  Shareholders' Equity
------------------------------------------------------------------------------------------------------
  Capital stock and additional paid-in capital         842,220           71        (71)       842,220
  Deficit                                            (236,638)        (332)         332     (236,638)
Total Shareholder's Equity                             605,582        (261)         261       605,582
------------------------------------------------------------------------------------------------------
       TOTAL LIABILITIES AND SHAREHOLDERS'
       EQUITY                                     PS 1,563,676  PS    5,862  PS (4,894)   PS1,564,644
------------------------------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY UNDER MEXICAN GAAP          605,582         (261)       261        605,582
------------------------------------------------------------------------------------------------------
              Preoperating expenses                  (290,588)                              (290,588)
------------------------------------------------------------------------------------------------------
              Capitalization of interest                40,213                                 40,213
------------------------------------------------------------------------------------------------------
              Amortization of preoperating
              expenses                                  19,073                                 19,073
------------------------------------------------------------------------------------------------------
              Amortization of frequency rights        (10,381)                               (10,381)
------------------------------------------------------------------------------------------------------
              Amortization of capital interest          (4046)                                 (4046)
------------------------------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY UNDER U.S. GAAP             359,853                                359,853

STATEMENT OF OPERATIONS FOR THE YEAR ENDED
DECEMBER 31, 1999
  Revenues                                        Ps    96,099  Ps   96,236  Ps (96,236)  Ps   96,099
  Operating cost and expenses                        (303,832)     (97,089)      96,214     (304,707)
  Comprehensive (income) cost of financing            (28,400)          235          16      (28,149)
  Other                                                  (505)          128         496           119
------------------------------------------------------------------------------------------------------
       NET LOSS                                   PS   236,638  PS      490  PS   (490)   PS  236,638
------------------------------------------------------------------------------------------------------
       NET LOSS FOR THE YEAR UNDER MEXICAN GAAP   PS   236,638  PS      490  PS   (490)   PS  236,638
------------------------------------------------------------------------------------------------------
              Preoperating expenses                   (87,072)                               (87,072)
------------------------------------------------------------------------------------------------------
              Capitalization of interest                19,790                                 19,790
------------------------------------------------------------------------------------------------------
              Amortization of preoperating
              expenses                                  19,073                                 19,073
------------------------------------------------------------------------------------------------------
              Amortization of frequency rights         (3,180)                                (3,180)
------------------------------------------------------------------------------------------------------
</TABLE>


                                      F-26

<PAGE>   30
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                     MAXCOM    CORPORATIVO  ELIMINATIONS CONSOLIDATED
------------------------------------------------------------------------------------------------------
<S>                                              <C>           <C>          <C>          <C>
              Amortization of capital interest         (3,031)                                (3,031)
------------------------------------------------------------------------------------------------------
       NET LOSS FOR THE YEAR UNDER U.S. GAAP      PS   291,058  PS      490  PS   (490)   PS  291,058
------------------------------------------------------------------------------------------------------

STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 1999
OPERATING ACTIVITIES:
  Net loss                                        Ps   236,638  Ps      490  Ps   (490)   Ps  236,638
  Depreciation and amortization charged to
  operations                                            80,919            -           -        80,919
------------------------------------------------------------------------------------------------------
                                                     (155,719)        (490)         490     (155,719)
  Net change in restricted cash, accounts
receivable, inventories, prepaid expenses,
accounts payable and accrued expenses:                  15,540          928       (435)        16,033
------------------------------------------------------------------------------------------------------
      Resources used in operating activities         (140,179)          438          55     (139,686)
------------------------------------------------------------------------------------------------------
FINANCING ACTIVITIES:
  Issuance of capital stock                             10,180            -           -        10,180
  Additional paid- in capital                            2,424            -           -         2,424
  Proceeds form loans and notes payables, net          647,518            -           -       647,518
------------------------------------------------------------------------------------------------------
      Resources provided by financing activities       660,122            -           -       660,122
------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES:
Preoperating expenses                                   84,690            -           -        84,690
Telephone network systems and equipment                670,455            -          62       670,517
Other asset                                             19,557          106           -        19,663
------------------------------------------------------------------------------------------------------
Resources used in investing activities                 774,702          106          62       774,870
------------------------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS:
  Increase (decrease) during the period              (254,759)          332         (7)     (254,434)
  Beginning balance                                    421,825           39                   421,864
------------------------------------------------------------------------------------------------------
  ENDING BALANCE                                  PS   167,066  PS      371  PS     (7)   PS  167,430
------------------------------------------------------------------------------------------------------
  </TABLE>


<TABLE>
<CAPTION>
                                                    MAXCOM     CORPORATIVO  ELIMINATIONS CONSOLIDATED
                                                 ------------------------------------------------------
<S>                                              <C>           <C>          <C>          <C>
BALANCE SHEET AS OF DECEMBER 31, 2000:
  Cash and cash equivalents and restricted cash   Ps 1,071,390  Ps      871  Ps    -      Ps 1,072,261
  Short- and long-term restricted cash                 568,878        -            -           568,878
  Accounts receivable                                   68,793        8,674     (21,385)        56,082
  Equipment for resale                                   9,011        -            -             9,011
  Prepaid expenses                                      22,612        -         (12,961)         9,651
  Frequency rights                                     106,208        -            -           106,208
  Telephone network system and equipment             1,197,136        -            -         1,197,136
  Preoperating expenses                                241,424        -            -           241,424
  Other assets                                         222,418          127        -           222,545
-------------------------------------------------------------------------------------------------------
       TOTAL ASSETS                               PS 3,507,870  PS    9,672  PS (34,346)  PS 3,483,196
-------------------------------------------------------------------------------------------------------
  Total liabilities                                  3,066,135       11,815     (36,489)     3,041,461
-------------------------------------------------------------------------------------------------------
  Capital stock and additional paid-in capital       1,275,383           71         (71)     1,275,383
  Deficit                                            (833,648)      (2,214)        2,214     (833,648)
-------------------------------------------------------------------------------------------------------
</TABLE>

                                      F-27

<PAGE>   31

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                     MAXCOM    CORPORATIVO  ELIMINATIONS CONSOLIDATED
-------------------------------------------------------------------------------------------------------
<S>                                              <C>           <C>          <C>          <C>
  Total Shareholder's Equity                           441,735      (2,143)        2,143       441,735
-------------------------------------------------------------------------------------------------------
  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY         3,507,870        9,672     (34,346)     3,483,196
-------------------------------------------------------------------------------------------------------
  TOTAL SHAREHOLDERS' EQUITY UNDER MEXICAN GAAP        441,735      (2,143)        2,143       441,735
        Preoperating expenses                        (290,588)                               (290,588)
        Capitalization of interest                      55,620                                  55,620
        Amortization of preoperating
        expenses                                        48,018                                  48,018
        Amortization of frequency rights              (10,307)                                (10,307)
        Amortization of capital interest               (8,837)                                 (8,837)
-------------------------------------------------------------------------------------------------------
  TOTAL SHAREHOLDERS' EQUITY UNDER U.S. GAAP           235,641      (2,143)        2,143       235,641
-------------------------------------------------------------------------------------------------------

STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2000
  Revenues                                        Ps   266,064  Ps  163,893  Ps (163,893) Ps   266,064
  Operating cost and expenses                        (638,267)     (165,596)     163,893     (639,970)
  Comprehensive (income) cost of financing           (223,425)          814         (22)     (222,633)
  Other                                                (1,382)        (989)        1,900         (471)
-------------------------------------------------------------------------------------------------------
       NET LOSS                                   Ps   597,010  Ps    1,878  Ps  (1,878)  Ps   597,010
-------------------------------------------------------------------------------------------------------
NET LOSS FOR THE YEAR UNDER MEXICAN GAAP          Ps   597,010  Ps    1,878  Ps  (1,878)  Ps   597,010
              Preoperating expenses
              Capitalization of interest                15,407                                  15,407
              Amortization of preoperating
              expenses                                  28,945                                  28,945
              Amortization of frequency rights              74                                      74
              Amortization of capital interest         (4,791)                                 (4,791)
NET LOSS FOR THE YEAR UNDER U.S. GAAP             PS   557,375  PS    1,878  PS  (1,878)       557,375

STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 2000
Operating activities:
  Net loss                                        Ps   597,010  Ps    1,878  Ps  (1,878)  Ps   597,010
  Depreciation and amortization charged to
  operations                                           201,040            -            -       201,040
-------------------------------------------------------------------------------------------------------
                                                     (395,970)      (1,878)        1,878     (395,970)
  Net change in working capital                      (378,824)        2,397      (2,022)     (378,449)
-------------------------------------------------------------------------------------------------------
      Resources used in operating activities         (774,794)          519        (144)     (774,419)
-------------------------------------------------------------------------------------------------------
Financing activities:
  Issuance of capital stock                            342,235            -            -       342,235
  Additional paid- in capital                           90,928            -            -        90,928
  Proceeds form loans and notes payables, net        1,925,364            -            -     1,925,364
-------------------------------------------------------------------------------------------------------
      Resources provided by financing activities     2,358,527            -            -     2,358,527
-------------------------------------------------------------------------------------------------------
Investing activities:                                                                                -
  Telephone network systems and equipment              476,563            -           60       476,623
  Other asset                                          202,825           19          171       202,673
-------------------------------------------------------------------------------------------------------
      Resources used in investing activities           679,388           19          231       679,296
-------------------------------------------------------------------------------------------------------
Cash and cash equivalents:
  Increase (decrease) during the period                904,345          500            -       904,845
  Beginning balance                                    167,045          371            -       167,416
-------------------------------------------------------------------------------------------------------
  ENDING BALANCE                                  PS 1,071,390  PS      871  PS        -  PS 1,072,261
-------------------------------------------------------------------------------------------------------
</TABLE>


                                      F-28

<PAGE>   32

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

NOTE 19.      REVENUE BY GEOGRAPHICAL LOCATION

              The Company's concession title requires a revenue report by
geographic location, which follows:

<TABLE>
<CAPTION>
                                                MEXICAN PESOS
              ----------------------------------------------------------
                                                   CENTER-
              SERVICES              METROPOLITAN    SOUTH       TOTAL
              -----------------------------------------------------------
              <S>                   <C>            <C>      <C>
              PERIOD ENDED
                 DECEMBER 31, 1999
              Local                 Ps.  28,695 Ps. 2,270   Ps. 30,965
              Long distance              53,199       634       53,833
              Rent of dedicated
                 links                      486         -          486
              Sale of  customer
                 premise equipment        1,412       516        1,928
              Lease of capacity             645         -          645
              Other                       8,049       193        8,242
              -----------------------------------------------------------
                                    Ps.  92,486 Ps. 3,613   Ps. 96,099
              -----------------------------------------------------------
              YEAR ENDED
                 DECEMBER 31, 2000
              Local                 Ps. 149,210 Ps. 29,060  Ps.178,270
              Long distance              75,334      4,759      80,093
              Rent of dedicated
                 links                    2,460          -       2,460
              Sale of customer
                 premise equipment          689        689       1,378
              Lease of capacity             473         -          473
              Other                       1,830      1,560       3,390
              -----------------------------------------------------------
                                    Ps. 229,996 Ps. 36,068  Ps.266,064
              -----------------------------------------------------------
</TABLE>




--------------------------------------------------------------------------------


                                      F-29



<PAGE>   33

                                                                         ANNEX B


                       RATIO OF EARNINGS TO FIXED CHARGES

Ratio of earnings to fixed charges is calculated as earnings from continuing
operations before income taxes divided by fixed charges. Earnings for this
purpose consist of earnings before provision for income tax plus fixed charges
minus capitalized interest and capitalized debt issuance cost. Fixed charges for
this purpose consist of interest expense plus the portion of rental expenses
deemed to represent interest expense under operating lease agreements and the
capitalization of interest and deferred cost related to the issuance of secured
debt and senior notes. Under Mexican GAAP, earnings for the years ended December
31, 1999 and 2000 were insufficient to cover fixed charges by the amount of
Ps.253,135 and Ps 679,232 respectively. Under U.S. GAAP earnings for the years
ended December 31, 1998, 1999 and 2000 were insufficient to cover fixed charges
by the amount of Ps.161,755, Ps 327,346 and Ps 655,004 respectively


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                                     YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------------------------------------------------------
                                                                      1998             1999             2000
-----------------------------------------------------------------------------------------------------------------
<S>                                                                   <C>              <C>              <C>
Ratio of earnings to fixed charges under Mexican GAAP
                                                                                        (2.45)           (0.39)
-----------------------------------------------------------------------------------------------------------------
Ratio of earnings to fixed charges under U.S. GAAP                     (1.21)           (2.40)           (0.29)
-----------------------------------------------------------------------------------------------------------------
</TABLE>



<PAGE>   34


                                                                         ANNEX C



ITEM 3.         KEY INFORMATION

A.      SELECTED FINANCIAL DATA

        The following tables present selected consolidated financial information
of Maxcom and its consolidated subsidiary. We have extracted some of this
information from the audited consolidated financial statements of Maxcom as of
December 31, 2000 and 1999 and for the years ended December 31, 2000, 1999 and
1998, appearing elsewhere in this annual report and you should read this
information in conjunction with such consolidated financial statements.

        The consolidated financial statements have been prepared in accordance
with Mexican GAAP, which differs in significant respects from U.S. GAAP.
Pursuant to Mexican GAAP, we have prepared the financial statements and the
selected financial data presented below in accordance with Bulletin B-10 of the
Mexican Institute of Public Accountants, which provides for the recognition of
certain effects of inflation.

        Note 18 of the consolidated financial statements presents the principal
differences between Mexican GAAP and U.S. GAAP and contains a reconciliation of
Maxcom's net income and stockholders' equity to U.S. GAAP.

        The U.S. dollar amounts provided below are translations from the peso
amounts, solely for the convenience of the reader, at the noon buying rate at
December 29, 2000 of Ps.9.62 per U.S. $1.00. You should not construe these
translations as representations that the peso amounts actually represent such
U.S. dollar amounts or could be converted into U.S. dollars at the rate
indicated as of any dates mentioned in this annual report.



<PAGE>   35


<TABLE>
<CAPTION>
                                                      AS OF AND FOR THE YEAR ENDED DECEMBER 31,
                                                  --------------------------------------------------
                                                   1996(1)(2)           1997(2)            1998(2)
                                                  -----------        -----------         -----------
                                                     THOUSANDS OF CONSTANT DECEMBER 31, 2000 PESOS
                                              AND THOUSANDS OF U.S. DOLLARS, EXCEPT FOR PER SHARE DATA(4)(5)
<S>                                               <C>                <C>                 <C>
STATEMENT OF OPERATIONS DATA:
Mexican GAAP
Telecommunications revenues ..............

Operating costs and expenses:
  Network operating cost .................
  Selling, general and
    administrative expenses ..............
  Depreciation and amortization ..........

    Total operating costs and expenses ...

Operating loss ...........................

Comprehensive (income) financing cost:
  Interest expense .......................
  Interest income ........................
  Exchange loss, net .....................
  Gain on net monetary position ..........

    Total comprehensive cost of
      financing ..........................

Other income, net ........................

Net loss .................................
Net loss per share .......................
Dividends per share ......................
Weighted average shares outstanding ......


U.S. GAAP
Net (loss) ...............................        Ps.  (6,133)       Ps. (63,455)        Ps.(120,276)
Net loss per share .......................             (1,126)               (43)                (15)
Dividends per share ......................                 --                 --                  --

BALANCE SHEET DATA:
Mexican GAAP
Cash and cash equivalents ................        Ps.      34        Ps.  53,397         Ps. 421,980
Restricted cash ..........................                 --                 --               2,026
Working capital(6) .......................                141             14,774              39,533
Frequency rights .........................                 --            114,614             114,614
Telephone network systems and
  equipment ..............................                291              1,256             270,009
Preoperating expenses ....................              6,132             68,653             210,647
Total assets .............................              6,598            252,694           1,058,809
Total debt ...............................                 --                 --             228,971
Capital stock and additional paid-in
  capital ................................              6,598            252,694             829,838
Deficit ..................................                 --                 --                  --
Shareholders' equity .....................        Ps.   6,598        Ps. 252,694         Ps. 829,838

U.S. GAAP
Shareholders' equity .....................        Ps.     465        Ps. 183,035         Ps. 638,307

OTHER FINANCIAL DATA:
Mexican GAAP
EBITDA(7) ................................
Capital expenditures .....................        Ps.   6,423        Ps. 126,145         Ps. 437,412
Ratio of earnings to fixed charges(8) ....                 --                 --                  --

U.S. GAAP
EBITDA(7) ................................        Ps. (6,213)        Ps.(64,620)         Ps.(140,944)
Ratio of earnings to fixed charges(9) ....                 --                 --                  --


<CAPTION>
                                                       AS OF AND FOR THE YEAR ENDED DECEMBER 31,
                                                  --------------------------------------------------
                                                    1999(2)(3)            2000                2000
                                                   -----------        ------------         -----------
                                                      THOUSANDS OF CONSTANT DECEMBER 31, 2000 PESOS
                                               AND THOUSANDS OF U.S. DOLLARS, EXCEPT FOR PER SHARE DATA(4)(5)
<S>                                                <C>                <C>                  <C>
STATEMENT OF OPERATIONS DATA:
Mexican GAAP
Telecommunications revenues ..............         Ps.  96,099        Ps.  266,064        $     27,657
                                                   ------------       ------------        ------------
Operating costs and expenses:
  Network operating cost .................              47,751             107,765              11,202
  Selling, general and
    administrative expenses ..............             176,037             331,166              34,425
  Depreciation and amortization ..........              80,919             201,040              20,898
                                                   ------------       ------------        ------------
    Total operating costs and expenses ...             304,707             639,971              66,525
                                                   ------------       ------------        ------------
Operating loss ...........................            (208,608)           (373,907)            (38,868)
                                                   ------------       ------------        ------------
Comprehensive (income) financing cost:
  Interest expense .......................              50,450             399,979              41,578
  Interest income ........................             (10,946)            (97,951)            (10,182)
  Exchange loss, net .....................              10,401              10,705               1,113
  Gain on net monetary position ..........             (21,756)            (90,101)             (9,366)
                                                   ------------       ------------        ------------
    Total comprehensive cost of
      financing ..........................              28,149             222,632              23,143
                                                   ------------       ------------        ------------
Other income, net ........................                 119                (471)                (49)
                                                   ------------       ------------        ------------
Net loss .................................         Ps.(236,638)       Ps. (597,010)       $    (62,060)
Net loss per share .......................                 (23)                (52)              (5.41)
Dividends per share ......................                  --                  --                  --
Weighted average shares outstanding ......          10,264,827          11,463,677          11,463,677

U.S. GAAP
Net (loss) ...............................         Ps.(291,058)       Ps. (557,375)       $    (57,939)
Net loss per share .......................                 (28)                (49)                 (5)
Dividends per share ......................                  --                  --                  --

BALANCE SHEET DATA:
Mexican GAAP
Cash and cash equivalents ................         Ps. 167,430        Ps.1,072,261        $    111,462
Restricted cash ..........................              20,362             568,878              59,135
Working capital(6) .......................               5,152            (164,934)            (17,145)
Frequency rights .........................             112,002             106,208              11,040
Telephone network systems and
  equipment ..............................             859,532           1,197,136             124,442
Preoperating expenses ....................             317,523             463,969              48,230
Total assets .............................           1,482,001           3,243,518             337,164
Total debt ...............................             876,419           2,801,783             291,246
Capital stock and additional paid-in
  capital ................................             842,220           1,275,383             132,576
Deficit ..................................            (236,638)           (833,648)            (86,658)
Shareholders' equity .....................         Ps. 605,582        Ps.  441,735        $     45,918

U.S. GAAP
Shareholders' equity .....................         Ps. 359,853        Ps.  235,341        $     24,495

OTHER FINANCIAL DATA:
Mexican GAAP
EBITDA(7) ................................         Ps.(127,689)       Ps. (172,867)       $    (17,969)
Capital expenditures .....................         Ps. 774,870        Ps.  679,296        $     70,613
Ratio of earnings to fixed charges(8) ....                  --                  --                  --

U.S. GAAP
EBITDA(7) ................................         Ps.(211,119)       Ps. (172,867)       $    (17,969)
Ratio of earnings to fixed charges(9) ....                  --                  --                  --
</TABLE>



<PAGE>   36


NOTES TO SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION

(1)  This financial period began on the date of our incorporation, February 28,
     1996.

(2)  All amounts incurred in operations from February 28, 1996 (date of
     incorporation), to May 1, 1999 (commencement of operations), were
     capitalized as "preoperating expenses" under Mexican GAAP. Therefore no
     amounts are reported in the table.

(3)  We commenced commercial operations on May 1, 1999. In accordance with
     Mexican GAAP, our financial statements reflect eight months of operations.

(4)  Pursuant to Mexican GAAP, financial data for all periods in the financial
     statements have, unless otherwise indicated, been restated in constant
     pesos of December 31, 2000. Restatement into December 31, 2000 pesos is
     made by multiplying the relevant nominal peso amount by the inflation index
     for the period between the end of the period to which such nominal peso
     amount relates and December 31, 2000. The inflation index used in this
     annual report for 1996 figures is 1.6797, for 1997 figures is 1.4516, for
     1998 figures is 1.2238 and for 1999 figures is 1.0896.

(5)  Peso amounts were converted to U.S. dollars at the exchange rate of Ps.9.62
     per U.S. $1.00 reported by the Federal Reserve Bank of New York as its noon
     buying rate for pesos on December 31, 2000. Such conversions are for the
     convenience of the reader and should not be construed as representations
     that the peso amounts actually represent such U.S. dollar amounts or could
     be converted into U.S. dollars at the rate indicated, or at all.

(6)  Working capital is defined as current assets (excluding cash and cash
     equivalents and restricted cash) less current liabilities (excluding
     current maturities of long-term debt).

(7)  EBITDA represents earnings before income taxes, comprehensive (income) cost
     of financing and depreciation and amortization. We have included
     information concerning EBITDA (which is not a measure of financial
     performance under Mexican GAAP or U.S. GAAP) because we believe it is a
     standard financial statistic commonly reported and widely used by analysts
     and other interested parties. We understand that EBITDA is also used by
     investors as one measure of an issuer's ability to service or incur
     indebtedness. We also understand that EBITDA may be defined differently by
     other companies that disclose a similarly titled account. You should not
     construe EBITDA as an alternative to operating income or as a measure of
     liquidity or cash flows from operating activities. For a description of the
     differences between Mexican GAAP and U.S. GAAP, see "Item 5. Operating and
     Financial Review and Prospects--U.S. GAAP reconciliations."

(8)  Our earnings have been insufficient to cover fixed charges under Mexican
     GAAP since we started incurring debt in 1998, 1999 and 2000. Fixed charges
     include interest expense plus capitalized interest plus the portion of
     operating lease rental expense that represents the interest factor. We had
     no fixed charges coverage ratio for year ended December 31, 1998 because we
     were at preoperating stage. The fixed charge coverage deficiency for the
     years ended December 31, 1999 and 2000 amounted to Ps.253.1 million (U.S.
     $26.3 million) and Ps.669.2 million (U.S. $70.6 million), respectively.

(9)  Our earnings have been insufficient to cover fixed charges under U.S. GAAP
     since we started incurring debt in 1998, 1999 and 2000. Fixed charges
     include interest expense plus capitalized interest plus the portion of
     operating lease rental expense that represents the interest factor. The
     fixed charge coverage deficiency for the years ended December 31, 1998,
     1999 and 2000 amounted to Ps.162.7 million (U.S. $16.8 million), Ps.327.3
     million (U.S.$34.0 million) and Ps.655.0 million (U.S. $68.0 million),
     respectively.